Counting the waves in a downtrend and trying to identify the reversal zone of the C-leg. Shorting when the .618 retracement is hit. Stops just above previous resistance levels. Targets at the base of the B-leg
Let's se what happens :)
Possible outlook for facebook, EWT count and fib based rules for target. Count might be invalid due to wave 4 and 1 overlap. Future will tell.
Wave 2 hit the .5 retracement of wave 1
Wave 3 overshot the 1.272 extension of wave 1
Wave 4 almost hit the .764 retracement of wave 1
Suggestions and ideas are welcome