META Elliott Wave Analysis Trading Lounge Daily Chart,

Meta Platforms Inc., (META) Daily Chart 

META Elliott Wave Technical Analysis

FUNCTION: Trend 

MODE: Impulsive 

STRUCTURE: Motive 

POSITION: Intermediate wave (5). 

DIRECTION: Upside in wave (5). 

DETAILS: We are looking at a potential wave 1-2 in the making. We seem to be close to a bottom in wave 2 of (5), as we are now trading above TRadingLevel5 at 500$.

(Click on image to enlarge)

META Elliott Wave Analysis Trading Lounge 1H Chart,

Meta Platforms Inc., (META) 1H Chart 

META Elliott Wave Technical Analysis

FUNCTION: Trend 

MODE: Impulsive 

STRUCTURE: Motive 

POSITION: Minor wave 2. 

DIRECTION: Bottom in wave 2.  

DETAILS: Here we take a look at the possibility wave 2 is in place and we are resuming higher. We seem to be finding support on top of 520$ which is a bullish sign. If we manage to get a ClassicTradingLevel on top of 530$, we can then look for further upside.

(Click on image to enlarge)

This Elliott Wave analysis for Meta Platforms Inc. (META) as of September 2, 2024, provides insights into the stock's trend direction and potential price movements on both the daily and 1-hour charts. The analysis helps traders understand the market structure and potential trading opportunities.

* META Elliott Wave Technical Analysis – Daily Chart*

META is potentially forming a wave 1-2 within the larger Intermediate wave (5). The price action suggests that wave 2 might be nearing its completion as the stock is trading above the critical TradingLevel5 (500$). This area could act as a support zone, signaling the potential start of wave 3 of (5), which would indicate a strong upward move if confirmed. 

* META Elliott Wave Technical Analysis – 1H Chart*

The 1-hour chart analysis suggests that wave 2 may have found support around the 520$ level, which aligns with the bullish outlook. The price action above 520$ and the potential establishment of a Classic TradingLevel on top of 530$ would reinforce the bullish case, setting the stage for a resumption of the uptrend in wave 3. This scenario would likely lead to further upside, with targets extending significantly higher.

More By This Author:

Polkadot Crypto Price News Today Elliott Wave Technical Analysis - Monday, September 2
Neo Crypto Price News Today Elliott Wave Technical Analysis 2
Tech Stock Trading Strategies: Elliott Wave Forecast For Nasdaq & SP500