Today we will take a look at the current situation on ADBE.
Key concepts:
a) Flag Pattern: This type of formation is considered a continuation pattern, meaning that after the breakout, we tend to observe a movement in the same direction as the previous impulse
b)Ascending Structure: using two trendlines, we can understand the upper and lower bands of any trend; when we have a breakout on any of the directions, we can use that to forecast possible movements on the breakout direction
c)Fibo Extensions: We use them to forecast possible targets on a new impulse
Final Conclusion: We have an activation level on the green line and an invalidation level on the red line; the final target is the 2nd fibo extension, and we will use the first one as a risk-free level.
I saw this flag too. Thanks for the confirmation bias! HA! And I had the same thesis. I'm only wondering if flags retest that upper part of the channel after breaking through. I don't know if it's going to find resistance at that level (491) or just bust through.
Kabux
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@Maddizm looks like it bust through like a knife through butter