Channel Down // Price is at Top TrendlineIt depends on your bullishness right now whether ADBE has hit bottom.
Price is at the top trendline of the channel.
Targets above channel are targets to the upside.
Below are to the downside.
On weekly this looks like a Bullish Shark which lands at the .886 or the 1.113.
ADBE hit the .786 which would be the .786 OF xc which looks like a Cypher. Support was found very close to this level but the 2nd leg did not pull to the .382 as required by a Cypher pattern.
You would need to look on a weekly chart if you are in to Harmonic patterns. Many are not. I find them to be useful and I am not a wave counter. But I need to learn (o: I just doubt I would use waves anyway as I am an impatient type person but I do like to look at chartists who count waves. I just let them count them. I guess you have to know yourself sometimes.
If we have a few ,more bullish days in the possible bear rally, this may break that top trendline. Anyway, at this point, I would suppose you would go with your gut.
No recommendation.
This channel does not seem to be narrowing (falling wedge) nor does it seem to be broadening (megaphone). When a channel spreads out or narrows as of late there can be a price reaction so beware.
