If the IRS waged war against Facebook is not enough, Snapchat suing Facebook-Instagram is even a bigger story. Facebook is doing everything Snapchat is doing, because Facebook is losing its edge against Snapchat. Time spent on Facebook continues to go down, which is a problem for advertisers / FB investors.
Lastly, Twitter is launching it's own Twitter Live video streaming. Twitter has notched many significant sports broadcasting rights, some of which FB outbid TWTR , but the networks and leagues ( NFL ) took Twitter's low bid. Twitter Live could actually save TWTR stock in upcoming months (next year) and many of Facebook-Snapchat followers will quickly move to Twitter's premium live streaming content, this will be negative factor for the future of Facebook .
From the chart I took the low from 2012 to the recent high post 2nd quarter 2015 and used a simple method of .50 h/l to show where important support-resistance are held. You can also find similar price points are where pre-earnings daily closes are also where the .50 h/l levels are located.
I expect the IRS news will impact next quarter as well as Snapchats snafu with Facebook stealing it's image. My predicted price is $100 area. 20% loss, several weeks post Q3 October 28.