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chinawildman
Mar 15, 2019 8:53 PM

Bearish shark in play Short

Meta Platforms, Inc.NASDAQ

Description

The PRZ for the large bearish shark has proven difficult for FB and now it's finally had a daily close below it, meaning the entire shark pattern is in play. Daily RSI has been diverging for awhile now so all it needed was a little shove in the right direction.

Notice how despite rallying hard off the bottom today, it simply could not break back inside the box. A short here would target the 0.5 retrace of the shark and gap fill around $148. SL is 166.70 if it manages to close back inside the box.

Would probably take a wider market selloff for this move to happen... but I think this and Boeing are just the first shoes to drop for this bubblicious market.
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