META Update: Count points much higher

There's a lot to unpack in this post. We'll start with the obvious and that price raised much higher than I anticipated. Rather it be the announcement of dividends or something else I'm not sure. The price action we got before the earnings released appeared corrective in nature which pointed lower. Given the new action we've received I've spent a decent amount of time looking at this thing from as many different angles as possible.

The first thing I want to point out is how high MACD went. This easily confirms we are in fact in our wave III. On the larger count, the strength of this move up signals we should be headed towards the 0.786 fib @ $996.55 to complete ((1)) of III. Seem crazy? Yea, it does to me too. As I have said in the past, though, I don't make the rules I just follow them. This is the standard fib one should expect an extended wave 1 to end no matter the degree.

On the chart I have a few boxes. We're currently in the target box for wave v of 3 which could rise as high as $510.54 and remain standard. I'm not saying it will, just that I don't expect it to move above that without first retracing to the next box with the wave 4 label. Should it move above the 1.382 @ $510.54 that means it is beyond standard fib levels and structure alone would have to guide us to the top of that wave. Given how META gained almost $100 in less than 24 hours, I suspect traders will be looking to take profits. On the 4HR chart, MACD just flashed a sell signal so ideally, we should be headed down for 4 next. I'm not some magician with a magic 8 ball that can see the future though, so I can't say for certain. When we get some more price action, I will update y'all on the expected path we're on.