Facebook - Peak expected near 187.17
Facebook has seen an amazing rally since the September 2012 low at 17.55. This wave [3] rally should be close to completion - Ideally near 187.17 for a correction in wave [4]. As wave [2] was a simple and deep zig-zag correction, we should expect a complex and shallow correction in wave [4]. The ideal target for this wave [4] correction is seen in the 114.77 - 115.93 area.
The corrective structure of wave [4] should be either a flat or a triangle consolidation. If the corrective structure proves to be a triangle, then the low will be seen early (likely in the A-wave down).
Short-term a break below minor support at 168.89 will be a good indication that Facebook has peaked in wave [3] and wave [4] is developing. So tighten up your stops and don't fall in love with Facebook at these levels.
The corrective structure of wave [4] should be either a flat or a triangle consolidation. If the corrective structure proves to be a triangle, then the low will be seen early (likely in the A-wave down).
Short-term a break below minor support at 168.89 will be a good indication that Facebook has peaked in wave [3] and wave [4] is developing. So tighten up your stops and don't fall in love with Facebook at these levels.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.