Range trade higher
more likes on the way
Buy zone around .38 fib retracement and below 50 RSI
If 1/16 was the high then the long pattern is for a retrace to the .38 fib ~$51.65 around the end of Jan.
Facebook bump and run reversal?
Wouldn't be surprised to see price fall back to the lower trend line before the dip buyers turn it back up.
Demand levels (green)
Thoughts of how a large "pool" of buyers in demand zone could form a rounded bottom and the stages involved.
Second wedge touches lower half of steep channel.
A dip into the triangle to complete the channel bottom might be a good place to slip into a long swing.
... but I think price wants to visit the 88.85 supply before the shake out.
Possibly setting up for a launch in early Jan. and reaching next plateau peak above 61?
General pattern of drop(sharp), base, rise ...
From here, if pattern repeats, look for retest of high, some sort of shakeout drop into base area then get long for next extended move.