ADOBE Stocks- Bullish reversal can be happening

ADBE (Adobe) Adobe came very nicely to the downside over the last few months, making a perfect five-wave decline from the May highs that now could be coming to an end as price recovers beyond the channel resistance line. So it looks like a bottom could be forming here, and more upside could be seen in the weeks ahead. In fact, this could be the early stage of a new bullish reversal, so after a pullback, ideally in wave two, we will expect a new leg higher in wave three. Support is anywhere between 210–238. 
 

Highlights:
• Adobe may have completed a five-wave decline from the May highs.
• The break above the bearish channel supports a potential bottom.
• A wave two pullback could now develop before the next move higher.
• The 210–238 area is important support on a pullback.
• As long as 190.27 holds, there is room for a potential wave three rally.

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