Has been bouncing off the 1.236 extension going both ways... reads like a textbook expanded flat correction w/ another leg down to begin soon. With market in overbought conditions and FB historically dumping post earnings for at least a few wks this seems like a no-brainer short right now.
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Took some profits here in the past 2 days but the theory looks sound. Will wait for confirmed break of channel or reenter shorts at 193+.