This chart shows Facebook from it's to the present. In less
than 6 years FB has risen from an all-time low just under 18 to
an all-time high at 195.
Once or twice per year it usually makes a rough 20-24%
correction - but, as with so many stocks, has not corrected
properly for over 18 months now, ever since the election surprise.There's a gap on the chart at 155.5. Taking 20% off
the top gives a 156 target which is also structure highs to left
of price on chart, so there is a a good chance it will find
support there when touched. Providing it steadies here and
starts to fight at 155 it should start to rally back to 164 before
it comes off again.
If wrong here and the upper range of the structure to left is
not strong enough to support FB come Monday, it will most
likely spike lower still to test the lower end of the same
structure at 145-144, offering a potential entry point with
stops under 143 if we see it this week.
Also worth noting: there has only ever been one violation of
the long term trend line/lower parallel - for one day.
All tests of this line have been longer term buying
opportunities, even that scary-looking one day violation.