Why Adobe's Downtrend Isn't Something You Can 'Edit' Away

Core Viewpoint - Adobe is currently in Phase 18 of its Adhishthana cycle, which began in May 2025, and has experienced a decline of approximately 25% since then, leading to divided investor sentiment ahead of earnings on December 10 [1][6]. Group 1: Adhishthana Cycle Analysis - The Guna Triads, consisting of Phases 14, 15, and 16, are crucial for determining if Adobe can achieve a Nirvana move in Phase 18, which requires a sustained bullish structure known as Satoguna [2][4]. - Adobe entered Phase 14 in June 2023, but throughout its triads until October 2024, it exhibited consolidation and inconsistent rallies, indicating a lack of meaningful bullish structure [4][5]. - The absence of Satoguna in the triads has confirmed that Adobe would not achieve a Nirvana move in Phase 18, leading to consistent underperformance since entering this phase [5][6]. Group 2: Investor Outlook - With earnings approaching, volatility is expected to increase; however, the weak triad foundation suggests that Phase 18 will not yield a Nirvana move, and any potential rallies are unlikely to be sustained [6][7]. - The monthly charts indicate that Adobe is still in a descending phase of its Himalayan formation, suggesting that aggressive buying is not advisable at this time [7]. - The options market reflects this sentiment, with heavy call-writing open interest indicating expectations of capped upside and multiple resistance levels [7].