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META Elliott Wave Analysis Trading Lounge Daily Chart, 16 February 2024

Meta Platforms Inc., (META) Daily Chart

META Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulse

STRUCTURE: Motive

POSITION: Minute wave {v} of 3.  

DIRECTION: Topping in wave {v} of 3.  

DETAILS: We can see a strong move to the upside from the $80 lows. We are looking for a wave (5) in place or else what is labelled as wave (3) and (4) could be higher degree wave 1 and 2 and we could now be within higher degree wave 3.

Technical Analyst: Alessio Barretta

META Elliott Wave Analysis Trading Lounge 4Hr Chart, 16 February 2024

Meta Platforms Inc.,  (META) 4Hr Chart

META Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave (i) of {v}.

DIRECTION: Continuation higher towards wave 3 target.  

DETAILS: Wave 3 target stands at least at 500$, hitting a TL5. We also have Fib relationship of 2.618 3 vs. 1 at 530$. We could overall expect the 500$ target to be reached before seeing major downside pressure in the market.

Welcome to our META Elliott Wave Analysis Trading Lounge, your ultimate source for comprehensive insights into Meta Platforms Inc. (META) using Elliott Wave Technical Analysis. As of the Daily Chart on 16th February 2024, we explore significant trends guiding the market.

* META Elliott Wave Technical Analysis – Daily Chart*

In terms of wave dynamics, we identify a dominant impulse function with a motive structure. The current position is in Minute wave {v} of 3, indicating a potential topping in wave {v} of 3. We observe a robust upward movement from the $80 lows. Our analysis considers the possibility of wave (5) being in place, or alternatively, wave (3) and (4) could signify higher degree wave 1 and 2, suggesting the onset of higher degree wave 3.

*META Elliott Wave Technical Analysis – 4Hr Chart*

Here, the wave function remains impulsive with a motive structure. The present position is in Wave (i) of {v}, signaling a continuation higher towards the wave 3 target. The wave 3 target is anticipated to be at least $500, intersecting with TL5. Additionally, there's a Fib relationship of 2.618 between wave 3 and wave 1 at $530. Overall, we expect the $500 target to be reached before witnessing significant downside pressure in the market.

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