Technical Pulse: Automatic Data Processing Inc. October 22, 2021 232

Automatic Data Processing Inc (US: ADP) Primary uptrend remain intact despite prices briefly broke below the intermediate downtrend. Technical price action indicate a strong bullish upside going forward:


  1. Elliott wave analysis indicate that the upside is far from over as the ongoing wave (3) of the intermediate phase has yet to achieve its 161.8% Fibonacci expansion target of wave (1)-(2).
  2. Rounding bottom formation is indicative of a bullish breakout above of the major resistance zone at US$212.11-US$216.33 after a piercing line candle was found consolidating within the resistance zone.
  3. Ichimoku shows “Three bullish crossover” signal and it is a strong confirmation of the uptrend to come.



*Expected timeline of the trade is 15 weeks from the date of report issuance.



Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line

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