BATS:META   Meta Platforms, Inc
On Friday, we got the bullish 1-2 i-ii to play out on the intraday charts for a solid 7.5%+ run.

Looking closer at the 5 minute chart, shows we may have completed all of wave 3 at 21.96 however it is possible that we may see the 3rd wave make another push towards 22.07 to complete since wave v did not create a new high. This would also give better fib relations, as 22.07 would be the 1.618 of the first wave. Also, this would adhere to the rule of alteration since wave ii was so short it would make sense that iv would take longer.

The technical readings on the other hand are creating negative divergences telling me we may be in wave 4. The key will be to see where the next high is made. If FB can move to the 22.54-23.04 range we can count 5 waves up to complete the First wave of C in the main count. A three wave pull back from there would provide an excellent buying opportunity for the third wave of C.

It is important to keep in mind that the rally seen on Friday may have only been the b wave of the larger B wave. This is presented in my alternative orange count. If we come down hard from the highs seen on Friday, we would be forced to count it as the c-wave to the larger degree B-wave that would initially target the 18.50 area.


Targeting 22.54-23.04 area will be 5 waves. Buying a three wave pull back would be ideal (blue count)

A hard down turn from Friday's high, or before creating 5 full waves would be indicative of a c-wave to complete the B wave. (orange count )

P.S. Please read my previous 3 postings on FB if you require further clarification of my count.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.