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META Elliott Wave Analysis Trading Lounge Daily Chart

Meta Platforms Inc., (META) Daily Chart

META Elliott Wave Technical Analysis

FUNCTION: CounterTrend

MODE: Corrective

STRUCTURE: Flat

POSITION: Intermediate (A)

DIRECTION: Pullback in Minor B

DETAILS: We are showing two different counts in the Daily and 4H chart. Here we have a major top in place and we are looking for a larger correction to take place, looking for 500$ to provide resistance.  

META Elliott Wave Analysis Trading Lounge 4Hr Chart,

Meta Platforms Inc., (META) 4Hr Chart

META Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Flat

POSITION: Wave B or (4).

DIRECTION: Topping in wave B.  

DETAILS: Here we are looking at a smaller correction, we have measured wave (2) and equality of (4) and (2) stop at 450$. Looking for sideways consolidation in (4) or else we could already have a bottom in place.  

The Elliott Wave analysis for Meta Platforms Inc. (META) reveals a discrepancy between the daily and 4-hour chart interpretations as of May 10, 2024. Each chart provides a different perspective on the expected stock movements, catering to different trading strategies.

* META Elliott Wave Technical Analysis – Daily Chart*

On the daily chart, META is categorized under a counter trend with a corrective flat structure, currently in the Intermediate wave (A) phase. The focus is on a significant pullback in the Minor B wave, suggesting a broader market correction. The analysis indicates a major top already in place, with a downward trajectory expected to continue. A resistance level at $500 is anticipated, which might cap any potential upside and confirm the bearish outlook.

* META Elliott Wave Technical Analysis – 4Hr Chart*

The 4-hour chart presents a more micro view, still within a counter trend but focusing on the smaller corrections within the overall structure. It is in the phase of Wave B or possibly in Wave (4), with a current top formation in Wave B. The equality between Wave (2) and Wave (4) is calculated to halt at $450, suggesting a shorter corrective phase than what is noted on the daily chart.

Technical Analyst: Alessio Barretta

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