Adobe Wave Analysis 7 October 2024

– Adobe broke round support level 500.00

– Likely to fall to support level 470.00

Adobe recently broke the support zone located between the round support level 500.00 (monthly low from August) intersecting with the 61.8% Fibonacci correction of the upward impulse from May.

The breakout pf the support level 500.00 accelerated the active short-term impulse wave 3 – which belongs to wave (C) from the start of September.

August can be expected to fall further to the next support level 470.00, low of the upward gap from the start of June.