Chart resembling a Wyckoffian pattern - occurs in accumulation phase.
You can see Facebook has had a big downfall from its top in September 2021.
We can view the selling climax, preliminary support, and the secondary test - this particular pattern has a spring currently (panic selling) (breakdown of continuation).
This is NOT the last line of defense for META, it can absolutely drop down - there is huge support at $139 - which would tap the lower trend of the falling wedge (marked in light grey trendlines).
HOWEVER!!!!! -- check out the descending channel within the falling wedge - (descending channel is marked in green and highlights the Wyckoff Schematic ) and it seems to have found support at the 'spring' - bottom of the trend. This is generally a bullish pattern.
To the left we can see a huge capitulation volume bar from February 2022 and the price as been descending all summer - selling volume is also in decline which is bullish.
This is not financial advice but this is my take on META
Wyckoff accumulation pattern is still in play, spring tends to be lower than the floors established prior in the pattern.
BoyPlunger91
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Update please! I entered calls on Friday at $139.5 underlying
ChaldeaCode
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@BoyPlunger91, i posted an update to this chart on September 19th. On Friday we tapped the lower trend of the falling wedge, it can still get to the second target (of the sept 19th chart) before heading back up (a wick below the wedge doesn’t count as failure as long as the candle body closes inside the falling wedge its still within pattern. If it closes outside the wedge (on the weekly) we will be in trouble. I post updates of charts and my thought process on my social media, link is in my profile.