Facebook Elliott Wave View: Found Sellers in Blue Box Area
n this blog, I want to share some short-term Elliott Wave charts of the Facebook stock which we presented to our members in the past. Below, you see the 1-hour updated chart presented to our clients on the 09/27/18 indicating that FB ended the cycle from 8/07/2018 peak low in black wave ((1)).
The internals of that move lower unfolded in 5 waves with lesser degree cycles. Above from there, we advised members that it should see the equal legs from 8/07/2018 peak towards the areas of the 100 – 1.618 Fibonacci extension of blue (A)-(B). Which came at around 169.15-174.74 where black wave ((2)) should end. Therefore, we expected sellers to appear in the dips in the sequences of 3, 7 or 11 swings. And that was the first area for sellers to appear to take prices to new lows below black wave ((1)) peak or a larger 3 waves pullback at least.
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