Continuation Triangle Bullish EarningsBullish formation of a symmetrical continuation triangle being formed very nicely with the double bottom inside the triangle. Everything about it is set up as it should be to project further upside.
Yhe ADX was strong above 25 as the price was rising confirming strength in the trend and it has dramatically lowered as the price lowered signaling weakness in the current down trend.
The RSI came off from a top to hit a bottom as the price fell and has turned around with plenty of room for upside potential. The RSI is exactly where it should be to signal further strong upside.
I would say this drop in price is simply a natural cool off from overbought levels and a little bit from the negative results of snapchat earnings although snaps negstive headlines will not effect Metas price for long besides a simple cool off after hours considering how much more important Meta is than Snap and how much larger of a company it is.
I'm bullish going into earnings. With the META $160 Call 02/10 Exp
Their is most likely a dip in the cost of premium from this set back that can be taken as a discounted buying opportunity. Ive been profitable so far holding this since 01/27.
