lukelehepuu
Short

FACEBOOK FB WEAKENING PRICE ACTION

NASDAQ:FB   FACEBOOK INC
Description of Chart:
If we look back to August 2015 we can see that there has been a large channel in place with a maximum range (top to bottom) of around $28. From February price failed to hit the resistance line by around 3.4%, price then fell down and started a new smaller channel shown in pink. Price rallied again in May to the top pink resistance line, which was still about 8.45% off of the main channel. At the end of June we then hit the pink and yellow trend line (low) and rallied all the way back. This rally was not enough and was still 9.65% off of the main channel. These lower highs relative to the channel parameters is what leads me to believe that we are seeing weakness in Facebook             and might see a sell off in the future. I have also added a 5 wave elliot wave onto the chart. I have placed my target on the chart.

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