I believe that the magnitude of the sideways consolidation $ADBE made through last year and this makes it a candidate for a two (or four) of primary degree, correcting more in time rather than in price. The good news is that in this stock’s case (it’s not always the case), primary (pink) 3 and primary (pink) 5 both have approximately the same expected target ranges. This wave is subdividing nicely and should consolidate here for a while going as low at times as the bottom of the orange box beneath us before finally working its way to the upper target area.
[UPDATE]: We did, in fact, continue to correct, and have since begun to rally toward the target above. Be that as it may, I see some things in the market that trouble me here, and I am cancelling this call for even higher prices. We may get up there, but I’m not going to call for that at this time.
Note: When my work is first published on this website, it is made available to patrons who support my work through my Patreon account. Over time (usually after a period of a few months), I make the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page.