META Elliott Wave Analysis Trading Lounge

Meta Platforms Inc., (META) Daily Chart

META Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Intermediate wave (5)

DIRECTION: Upside in 5 of (5).

DETAILS: We have been looking at a post triangle thrust within wave 5. It’s possible we are actually completing wave 1 of (5) instead of 5 of (5). Nevertheless, we are still missing one more leg higher, ideally to reach 650$.

Meta Platforms Inc., (META) 1H Chart

META Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave {iv} of 5.

DIRECTION: Upside in wave {v}.

DETAILS: Looking for upside into wave {v}. We seem to be missing one leg higher in what could either be a top in wave {v} of 5, or else a top in wave (v) of {i}, which would be the preferred scenario, considering the target at MediumLevel 650$.

This Elliott Wave analysis for Meta Platforms Inc., (META) examines both the daily and 1-hour charts to assess its current market trend, utilizing Elliott Wave Theory to anticipate potential future movements.

* META Elliott Wave Technical Analysis – Daily Chart*

The daily chart for Meta Platforms suggests we are in the final stages of wave (5) of an impulsive move. While the initial analysis points to the completion of wave 5 of (5), it’s possible we are instead completing wave 1 of (5). Regardless, one more leg higher is expected, ideally pushing the price towards the 650$ target. This scenario aligns with a post-triangle thrust, indicating bullish momentum is likely to continue in the short term.

* META Elliott Wave Technical Analysis – 1H Chart*

The 1-hour chart indicates that Meta is in the process of completing wave {iv} and is preparing for an upward move in wave {v}. The missing leg higher in wave {v} suggests we are nearing the completion of either wave 5 of (5) or wave (v) of {i}, with the latter being the preferred scenario. This would indicate further bullish continuation, particularly towards the MediumLevel of 650$, which serves as a potential resistance level.

Technical Analyst: Alessio Barretta

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