nmike
Short

FB update

BATS:FB   FACEBOOK INC
2599 34 7
Currently FB             is bearish , below 10 & 50MA and TRIX below mid-point.There was plenty warning of a top when FB             had a double breakout failure and negative divergence near clone resistance.I consider DIVERGENCES early warning signs of tops & bottoms especially on monthly charts.With FB             we also had a DOUBLE negative divergence, extra warning of a top.
IF trend continues the next 2 near term targets are about $25.5 and $24.5. If things quickly turn and FB             breaks minor resistance look for near term target near top of CLONE.
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nmike MOD QuantitativeExhaustion
3 years ago
.....nice CLONING.....don't forget to put some on the bottom too just in case :)
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only if the overall market is ready to take a dive
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nmike MOD
3 years ago
...FB was NOT able to break minor resistance , REMINDER: always check monthly and weekly before you look at a daily frame...
FB weekly
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nmike MOD
3 years ago
...at key support
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that sure is close
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nmike MOD
3 years ago
...a nice big green candle bounce off CLONE support & TRIX divergence, short term shorts should take some or all of profit
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I agree.. was watching this one today.. did not take my big long call position yet. Would like to see another attempt at 25.13
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nmike MOD
3 years ago
....TRIX positive divergence near CLONE support few bars back, most likely headed to minor resistance
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wouldn't trust second quarter earnings on FB.. might be better to wait
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nmike MOD
3 years ago
update.... approaching minor resistance, a close above could see FB next target at top of CLONE
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nmike MOD
3 years ago
>>>price fell below the 50 ma 6 bars ago followed by TRIX falling below mid point and today it violated CLONE support.Keep watching the TRIX for clues especiallly divergence. FB could drop to median reference channel near term
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StockFxMarket
3 years ago
Good Job
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nmike MOD StockFxMarket
3 years ago
@StockFxMarket thanks :D
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admin PRO
3 years ago
Well done!
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nmike MOD
3 years ago
>>>near term support around $21(median of reference channel)
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Lets' see if we can test the 24.60 clone resistance once more before going lower or higher (if breaks).
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nmike MOD
3 years ago
.....well folks it looks like we have money flow capitulation and an island reversal at key support
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nmike MOD
3 years ago
>>>>> FB currently at .618 FIB support, failure to hold here could see FB fall to .764 fib level near term
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huntingsniper nmike
3 years ago
FB broke 0.618 Fib support today. If I go short, what is a good entry point here, the 0.618Fib level?
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nmike MOD huntingsniper
3 years ago
@huntingsniper it might not test .618 near term, you should have been short already, if you don't want to chase this now, one way to enter is on 15 min frame, if it pulls back
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StealthTrader
3 years ago
key resistance hit
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nmike MOD
3 years ago
.....nice jump today,of course it also could have gone the other way.But according to the chart it was likely that earnings would be good.A while back FB broke the 50ma, the reference channel and Trix above mid-point. Next likely upside CLONE target is around $38
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littleriver nmike
3 years ago
Bullseye. Great call nmike!
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nmike MOD
3 years ago
>>>>> FB likely next upside CLONE target
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littleriver nmike
3 years ago
Thank you for the update. I like your target. Playing with this clone chart tonight and wondered if you had any advice or thoughts on the subject. I erased my reference circle already but marked my three points of interest in blue. They are located in the far left top square.
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nmike MOD littleriver
3 years ago
@littleriver that's not bad, here's my version, I always like to show clearly the reference box
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littleriver nmike
3 years ago
Thank you nmike for demonstrating what you would have done. That is my starting point. I agree; I will do a better job highlighting the reference box next go. I take it you drew your chart without the benefit of a circle? With scaling of the chart and numerous ways a circle or ellipse may be drawn results will vary greatly. Then there is the three points. With so many variables I wonder will two people ever look at the same chart and arrive at the same conclusion( same clone chart). Not to mention, folks like me changing the rules, I think it is possible. Thank you again.
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nmike MOD
3 years ago
>>>>> CLONE Hit see chart near bottom of commentaries, currently FB is over extended as shown by the Fisher spike, it's likely that FB will consolidate within the upper 50% area of CLONE 3 before further upside
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littleriver nmike
3 years ago
Thank you for the update nmike. I am finding the fisher most useful. Thank you!!! I see sometimes price continues to climb or fall despite exhaustion spikes and divergences. Do you have a way discerning which will keep going and which will reverse coarse? I find support and resistance points to be most useful along with breaks of rsi but wondered if there was something more I could add? Thank you again.
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nmike MOD littleriver
3 years ago
@littleriver, another way to confirm Fisher exhaustion is to use the dual Fisher 34 &100 technique, if an exhaustion spike forms on both Fisher 34 &100 more likely then not it's a true exhaustion ,see chart below
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nmike MOD littleriver
3 years ago
@littleriver......just as a reminder, all Fisher patterns, other indicators patterns and divergences must be supported by candle sticks bearish or bullish price action
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nmike MOD
3 years ago
>>>>>>another CLONE target hit as per last comment, next near term upside target using a 45 min frame
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nmike MOD
3 years ago
Fisher 34 SPIKES at a beginning of an up trend are often a sign that bulls are in control but as the trend gets older and you get a negative divergence Fisher SPIKE, it is often a sign that a temporary or long term top is just ahead
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