TomProTrader
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Facebook. Something is changing in the air

NASDAQ:FB   FACEBOOK INC
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Traders, there's a lot here so let's crack on.

We had a bullish shark pattern complete on the last day of trading last week. Before we had this shark , ANOTHER shark pattern completed before this on the 16th September. When the first shark completed we had a very strong move upward to almost a full retrace before we got a downside move, and even that wasn't much of a retrace.

However, on the completion of the second shark pattern, we have thus far only had a retrace which only just touched . 618 retracement for a tiny moment and now it looks as-though it's exhausted and is going to the downside. Lacking the bullish strength that was shown in the previous bullish shark pattern.

I also discovered that at the end of the channel there is a broadening ascending wedge . The median line of the ascending broadening wedge has currently acted as support and these wedges usually result in downtrends. Is it to time to short soon?

A short to the bottom of the linear would be a first target, but if FB continues to drop below the hidden support line (thick red line) it will drop a lot further, and a lot harder.

The current candle formation for the last few candles was of a bearish investor sentiment, and the final trading session candle of last week is a bearish hammer .

Good luck traders.



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