Our analysis @ www.tradingview.com/v/Wb9OcR8r/ stated in part, "Barring a meltdown in earnings or subscribers, FB will be bought at certain levels in expectation of reaching the 2nd target shown. The short also has its' targets and one has been reached on a shorter time frame at 58. On a shorter time frame, FB is reacting to a long that has its' target above ATH."
The 2nd targets on both time frames have been reached simultaneously, and as is true more than 95% of the time, a pullback occasioned by profit-taking is occurring. No surprise there. Typical market behavior. There is no reason for traders with long positions to have held beyond the 2nd target level. Expensive habit to bet against high probability entries and targets.
What now?
We are showing the two possibilities that exist at this time and their attendant targets. The long is a short time frame setup and the short is a longer time frame setup.Earnings and EOY shenanigans are factors to keep in mind. A disappointing earnings report would be a great gift to all long term investors/traders who are patient.
A word of caution; Don't make the mistake a trying to hop a freight that has already left the station, no matter how tempting it may appear.
Meant to publish all 4 views. See www.tradingview.com/v/wZoAAL5M/
The 2nd targets on both time frames have been reached simultaneously, and as is true more than 95% of the time, a pullback occasioned by profit-taking is occurring. No surprise there. Typical market behavior. There is no reason for traders with long positions to have held beyond the 2nd target level. Expensive habit to bet against high probability entries and targets.
What now?
We are showing the two possibilities that exist at this time and their attendant targets. The long is a short time frame setup and the short is a longer time frame setup.Earnings and EOY shenanigans are factors to keep in mind. A disappointing earnings report would be a great gift to all long term investors/traders who are patient.
A word of caution; Don't make the mistake a trying to hop a freight that has already left the station, no matter how tempting it may appear.
Meant to publish all 4 views. See www.tradingview.com/v/wZoAAL5M/
