My name is Philip, I am a German swing-trader with 4+ years of trading experience and I only trade stocks, crypto, options and indices🖥️
I only focus on the higher timeframes because this allows me to massively capitalize on the major market swings and cycles without getting caught up in the short term noise. This is how you build real long term wealth!
In today's anaylsis I want to take a look at the bigger picture on Meta.
You can see that since the beginning of 2017 Meta stock - also known as Facebook - has been trading in a quite nice and obvious reverse triangle or "megaphone" pattern.
Overall I do expect another retest of the upper resistance trendline roughly at $600 but we could certainly see some correction before the next impulse higher.
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I know that this is a quite simple trading approach but over the past 4 years I've realized that simplicity and consistency are much more important than any trading strategy.
This isn't an ascending broadening wedge. Which is btw a very bearish pattern anyway. Ascending broadening wedge or megaphone as you call it has to have both resistance and support ascending. With the resistance at a steeper angle. Look at BTC for an example. It looks as though the high has already been reached. There might be a push for the weekly high last week. But it is unlikely if dollar continues up. Thursday demonstrated a mini crash. A sign of things to come I think.