$META PLATFORMS * EWP TC FIB MONTHLY TF ANALYSIS
Given that the stock is near the upper trendline and within Wave V, there could be limited upside left in the current cycle.
A few possibilities:
1. Continuation to Upper Resistance: META could continue pushing higher, potentially towards the $676 range (upper channel boundary), but likely face strong resistance.
2. Correction After Wave V: Once Wave V completes, a corrective phase (possibly Wave A) could begin. The correction might test lower Fibonacci levels around 380 USD or even lower, depending on market conditions.
3. Long-term bullish trend: Even if a correction occurs, as long as the price remains within the channel and above the support trendline, the long-term uptrend remains intact.
In short, a potential small upside to complete Wave V is possible, followed by a corrective phase.
Keep an eye on how the price behaves near key Fibonacci resistance levels.
A few possibilities:
1. Continuation to Upper Resistance: META could continue pushing higher, potentially towards the $676 range (upper channel boundary), but likely face strong resistance.
2. Correction After Wave V: Once Wave V completes, a corrective phase (possibly Wave A) could begin. The correction might test lower Fibonacci levels around 380 USD or even lower, depending on market conditions.
3. Long-term bullish trend: Even if a correction occurs, as long as the price remains within the channel and above the support trendline, the long-term uptrend remains intact.
In short, a potential small upside to complete Wave V is possible, followed by a corrective phase.
Keep an eye on how the price behaves near key Fibonacci resistance levels.
In technical analysis, several methods focus on higher timeframes to provide a broader, more reliable context for trading or investment decisions. Elliott Wave Principle generally considers historical higher timeframes as mandatory.
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