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Elliott Wave View: Rally in Facebook is Corrective

Short term Elliott Wave View on Facebook (FB) shows the decline to August 6, 2019 low (176.29) ended wave ((W)). The rally from here took the form of a corrective structure. The internal subdivision of the rally is unfolding as an Elliott Wave double three structure. In this particular case, the rally is in the form of a double zigzag since both wave (W) and wave (Y) subdivide as a zigzag.

Up from 176.29, wave (W) ended at 190.98 with the internal subdivision as a zigzag. Wave A of (W) ended at 186.30, wave B of (W) ended at 181.22, and wave C of (W) ended at 190.98. The stock then ended wave (X) pullback at 177.39 with the internal subdivision as an expanded Flat. Wave A of (X) ended at 185.11, wave B of (X) ended at 191.38, and wave C of (X) ended at 177.39.

Wave (Y) rally is in progress with the internal subdivision as a zigzag. Up from 177.39, wave A of (Y)  ended at 187.50 and wave B of (Y) ended at 182.39. Near term, while above 177.39, expect Facebook to resume higher in wave C of (Y). Potential target to the upside is 191.9 – 195.4 area, which is the 100% extension from August 6 low. From this area, the stock should then resume lower or at least pullback in 3 waves.

Facebook 1 Hour Elliott Wave Chart

Facebook 1 Hour Elliott Wave Video

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