In this blog, I want to share some short-term Elliott Wave charts of Facebook which we presented to our members in the past. Below, you see the 1-hour updated chart presented to our clients on the 12/02/18. Showing that Facebook ended the cycle from 09/27/18 peak in red wave III at 11/20/18 low (128.45).
As Facebook ended the cycle from 09/27/18 peak, we expected a bounce to occur in red wave IV. Above from 11/20/18 low (128.45), the bounce unfolded in an Elliott Wave double correction structure. We advised members that Facebook ideally should continue lower. Therefore, we expected sellers to appear in the sequences of 3, 7 or 11 swings. At the 100 – 1.236 Fibonacci extension of black ((W))-((X)) which came at around 141.41-147.77 area and that was the first area for sellers to appear.
