META has a falling wedge on the weekly timeframe with support at the $155-$160 Levels, these levels would be perfect for accumulating a swing trade. Holding those support levels during this SPY correction period is crucial for this pattern. Losing those support levels would be bearish scenario and would invalidate this falling wedge pattern.
FACEBOOK's measured TARGET on the falling wedge lies at $226.
A possible big announcement is in the cards for META FACEBOOK if it maintains the expected levels.
SPY has had a fire rally the past month so it is not surprise that its spent the past 3 days cooling off, Jackson Hole conference is this Friday, if we don't get a bounce before, we could expect a small bounce on the day of the event as most tickers are hitting oversold territory on the smaller time frames.
Nice analysis! It is looking quite strong today Meta
ChaldeaCode
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@kitrobertshaw, thank you, meta didn’t run up as high as the other big tech names previously so I believe this one has more to give if SPY continues trending up.
kitrobertshaw
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@ChaldeaCode hopefully the market won't nuke. I'm just accumulating some shares for the longterm at these levels seems like a decent buy area