We locate the META in a broader wave IV correction, which should unfold in a three-part [A]-[B]-[C] structure. The current wave [A] should push the price below the key support at $547.57. Once that level is broken, we anticipate a corrective rebound during wave [B], which should temporarily lift the price back above $547.57. The wave [B] top should be followed by wave [C], which is expected to complete the overall correction with a final low inside the beige Target Zone between $491.53 and $414.50. This bottom should mark the end of wave IV. However, if the stock instead breaks out to the upside and overcomes the resistance at $740.91, we will have to expect a new high in wave alt.III before wave IV resumes its downward course (30% probability).
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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.