Facebook (FB) Likely to Break Out Higher Over the Short Term

Price has been trading within a bullish uptrend channel , from July 2013 to the present.
The horizontal support levels within the channel are 45.00, 53.50 and 71.60.

We note that Price has found support at 71.60 and is looking to trade higher.
We also observe a somewhat fuzzy Elliott Wave Pattern forming, between May 2014 up till now.

We project that the price is likely to breakout higher, given:
a) the general uptrend channel environment
b) the Support at 71.60
c) the forming of a possible Elliott 5 Wave Pattern

Break Out Condition: Price must trade and close above immediate Resistance level at 75.00

Price Target:
i) $80.00 ( Round Figure Resistance Level )
ii) 89.60 ( % Increase of Wave I vs Wave III             )

Time Limitation: This break out move should occur by 29 Aug 2014

Elliott Wave Basics:

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Hi all,

Please take note that this idea is no longer valid.
Although Price has risen in favour of the idea, the increase in price has taken too long to be considered as a clean breakout.

On a side note, this recent price action in FB can help to exlpain why we commonly hear the phrase "The Trend is your Friend".
While the desired breakout failed to occur, the general overall momentum of the trend is able to drag prices higher, albeit at a slower pace.

To precise, I would subscribe to the phrase "The Trend is your Friend, until you see a Trend Reversal Chart Pattern"

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