Public Chart: The Very Dark $ADBE Situation

Now, I’m getting trolled a bit for being bearish while we have this squeeze, and I know that looks silly, and a lot of people like to think of me as often wanting to be bearish for the sake of it or something. But, really, it’s these structures. I’ve been bullish most of my life. You guys only know me from after the COVID crash when I started using social media. And yes, I was way too bearish there, but I had good reasons: they had just annihilated the world economy—so it seemed to me, and to many—and it didn’t feel like that had been priced in completely. And I didn’t give infinity QE enough credit. So, yes, I thought the rally out of that low was bound to fail. But don’t forget that I changed my mind and was bullish for most of 2021, and correctly so. I think it’s unfair to think of me as always wanting to be bearish.

And right now, things are very, very different. There’s just no way for me to interpret the Fed as being friendly right now. Earlier in the year, I was more open to a quick, one-and-done correction, at least in principle, but as these structures have become larger, there’s no good way to do that, so far as I can see right now.

And just look at this chart. It’s absolutely terrible. The structure it’s in right now is an awful one, and these very often fail.

ADBE

So at any rate, a whole ton of things look like this and I think it’s not good. A lot of things can still get cut in half from here.


Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of 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. In a nutshell, patrons of any denomination (you get to pick the amount) will be able to read my weekend analyses, Tier 1 members ($20/mo.) get access to all of the articles I write, and Tier 2 members ($35/mo.) get access to those, plus counts on other instruments and my Discord chatroom.


2 thoughts on “Public Chart: The Very Dark $ADBE Situation”

Leave a Reply

Your email address will not be published. Required fields are marked *