META, Decisive Wedge Into DISTRIBUTION-CHANNEL!
Updated
Hello There!
Welcome to my new analysis about META on the weekly timeframe perspective. Since the massive dump which emerged in September 2021 that lasted almost over one year and which caused META to drop over 75% META has formed an gradual uptrend as it bounced within the lower accumulation-zone as marked in my chart. Nevertheless this uptrend is not very strong right now and what should not be underestimated here is this huge descending-channel-formation in which META has a main resistance-level within the upper distribution-channel marked in red. Within this whole channel-development META is building this massive coherent wave-count with the first wave A already completed and now the second wave B developing in a wedge-shape, more precisely a ascending-wedge-formation. Such an ascending-wedge-formation is likely to reverse the whole trend which will in this case be the beginning of the enlarged wave C of the whole wave-count and matching with the upper distribution-channel the possibility is high that META moves on with such a determination. The completion of the ascending-wedge will lead to META pointing to the lower target-zones, especially the all-time-low region as it is seen in my chart, with further supply entering the market this is a likely scenario. If META reaches an oversold condition once it approached the all-time-low region this can be a place for a reversal to show up however it has to be elevated how the signs will set-up with this scenario.
Thank you everybody for watching. It will be great when you support my idea and we move on forward together.
"There are many roads to prosperity, but one must be taken."
VP
Welcome to my new analysis about META on the weekly timeframe perspective. Since the massive dump which emerged in September 2021 that lasted almost over one year and which caused META to drop over 75% META has formed an gradual uptrend as it bounced within the lower accumulation-zone as marked in my chart. Nevertheless this uptrend is not very strong right now and what should not be underestimated here is this huge descending-channel-formation in which META has a main resistance-level within the upper distribution-channel marked in red. Within this whole channel-development META is building this massive coherent wave-count with the first wave A already completed and now the second wave B developing in a wedge-shape, more precisely a ascending-wedge-formation. Such an ascending-wedge-formation is likely to reverse the whole trend which will in this case be the beginning of the enlarged wave C of the whole wave-count and matching with the upper distribution-channel the possibility is high that META moves on with such a determination. The completion of the ascending-wedge will lead to META pointing to the lower target-zones, especially the all-time-low region as it is seen in my chart, with further supply entering the market this is a likely scenario. If META reaches an oversold condition once it approached the all-time-low region this can be a place for a reversal to show up however it has to be elevated how the signs will set-up with this scenario.
Thank you everybody for watching. It will be great when you support my idea and we move on forward together.
"There are many roads to prosperity, but one must be taken."
VP
Note
ANALYSIS UPDATE: META is now completing the ascending-wedge with a breakout below the lower boundary.Note
ANALYSIS UPDATE: META is completing the bearish setup within the distribution channel. Continuation of the bearish wave-count wave C will be preeminent and aim of the target-zone is setting up.
Note
ANALYSIS UPDATE: META continued with the ascending wedge completion with a final breakout below the lower boundary.META since completing the main ascending wedge formation is forming bearish origins to setup the bearish wave momentum continuations.
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