Most of the big cap in NASDAQ is forming a consolidation at the current top area, including the NASDAQ:META.
Is Wyckoff Distribution theory in progress?
Preliminary Supply occurred on June 2023 with a high volume + a big red candle. The price continued to be uptrend, and the possibility of buying climaxed at the end of July.
During that time, Bearish Divergence appeared in the RSI Oscillator.
If recent performance is indicating an Upthrust after Distribution phase, then the trend will be a confirmed reversal to bearish bias for NASDAQ:META with the possibility being sideways (continue distribution phase) in the point 1 and 2 where in the potential sideways 2 area will provide a confirmation of red candle and high volume.
The Downtrend target will be the daily gap area at $214.
Every other support area will shown by the Fibonacci Retracement below:
Watch the $274-276 as your area of confirmation for the bearish reversal.