Adobe Wave Analysis 9 May 2024

– Adobe reversed from resistance level 500.00

– Likely to fall to support level 460.00

Adobe recently reversed down from the round resistance level 500.00 (former multi-month support from September of last year).

The resistance level 500.00 was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the previous downward impulse from March.

Given the clear daily downtrend, Adobe can be expected to fall further to the next support level 460.00, which stopped the previous impulse wave 3.