Saturday, February 09, 2008

ADBE Analysis for 02.09.2008


Monthly chart shows selling pressure off its highs in October 2007. The move up looks corrective in nature. The move up off the 2003 low looks to be a B wave. IF the move up is a B wave, THEN look for a C wave to complete the pattern. The C wave correction will likely see the minimum downside target of the .618 fib level. Kaufman Brothers upgraded the stock from a "hold" to a "buy" this week. There is no buy signal/pattern on this timeframe as of yet.
Weekly chart shows increased selling pressure the past 2 weeks. No buy signal/pattern evident on this timeframe.
Daily chart shows early buyers getting ready to get back into stock. No strong buy signal/pattern evident on this timeframe. Expect possible consolidation and trading range before next large move. Look for sell signals off any rallies to enter sell short.

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