It looks like NASDAQ:META has found a meaningful top as more technical signals agree a short setup has formed.
Three significant trendlines have been broken, and today a significant fib retracement level was neatly rejected as TikTok drama continues its inevitable path of escalation.
It's tempting to immediately target the gap below, but there is a POC on the 4H that is perfectly confluent with the .786 fib retracement level that I would expect to act as a strong support level temporarily.
Technicals aside, META will certainly get caught in crossfire of some sort from further regulation of social media. Social media companies will likely struggle in sympathy as the situation continues maturing.
With an extraordinarily overheated macro backdrop, and an incredibly delicate geopolitical landscape, NASDAQ:META is liable to be put under additional pressure on its decline.
Comment
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Got close to invalidating this idea; it may hold a higher degree of conviction now. All trendlines and critical fib junctures were surgically rejected. Volume has gone from contraction on the upside to expansion on the downside.
Still actionable.
Trade closed: stop reached
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This hasn't been officially invalidated yet, but it's officially a garbage trade.
Congratulations and well done for sharing your first idea with the community. Hope you will be having great experience. Thanks for your contribution. From mod @Bravetotrade
Hope you will be having great experience.
Thanks for your contribution.
From mod @Bravetotrade