Video Length: 00:05:20
Elliott Wave's view on Facebook (FB) calls the rally from September 21 low as a 5 waves impulse Elliott Wave structure. In the short term chart below, wave 2 is seen to have ended at $245.41. Up from there, wave ((i)) ended at 251.9, and wave ((ii)) pullback ended at $246.61. Wave ((iii)) ended at $259.98, wave ((iv)) ended at $254.82, and wave ((v)) ended at $263.33. This completed wave 3 to a higher degree.
From there, the pullback to $258.05 ended wave 4, and wave 5 ended at $268.33 as an ending diagonal. The 5 waves move from September 21 low ended wave (1) in a higher degree. Wave (2) is now about to end as a zigzag structure. Wave A of (2) ended at $258.80 and wave B of (2) ended at $265.59. The stock has now reached the minimum target to end wave C of (2) at the blue box area of $250.2 – $256.1.
Expect Facebook soon to find buyers from the blue box area for more upside or 3 waves bounce at least. As far as the pivot at $245.41 low remains intact, the stock should see further upside.
Facebook (FB) 30 Minutes Elliott Wave Chart
(Click on image to enlarge)
Comments
Log in or sign up to join the conversation.