Elliott Wave View: Rally in Facebook is Corrective
Short term Elliott Wave View on Facebook ( FB ) shows the decline to August 6, 2019 low (176.29) ended wave ((W)). The rally from here took the form of a corrective structure.
Up from 176.29, wave (W) ended at 190.98 with the internal subdivision as a zigzag . Wave A of (W) ended at 186.30, wave B of (W) ended at 181.22, and wave C of (W) ended at 190.98. The stock then ended wave (X) pullback at 177.39 with the internal subdivision as an expanded Flat.
Wave A of (X) ended at 185.11, wave B of (X) ended at 191.38, and wave C of (X) ended at 177.39.
Wave (Y) rally is in progress. Up from 177.39, wave W ended at 187.50 and wave X of (Y) ended at 182.39. Near term, while above 177.39, expect Facebook to resume higher in wave C of (Y). Potential target to the upside is 192.71 – 195.15 area, which is the 100% extension from August 6 low. From this area, the stock should then resume lower or at least pullback in 3 waves.
Up from 176.29, wave (W) ended at 190.98 with the internal subdivision as a zigzag . Wave A of (W) ended at 186.30, wave B of (W) ended at 181.22, and wave C of (W) ended at 190.98. The stock then ended wave (X) pullback at 177.39 with the internal subdivision as an expanded Flat.
Wave A of (X) ended at 185.11, wave B of (X) ended at 191.38, and wave C of (X) ended at 177.39.
Wave (Y) rally is in progress. Up from 177.39, wave W ended at 187.50 and wave X of (Y) ended at 182.39. Near term, while above 177.39, expect Facebook to resume higher in wave C of (Y). Potential target to the upside is 192.71 – 195.15 area, which is the 100% extension from August 6 low. From this area, the stock should then resume lower or at least pullback in 3 waves.
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