Short term Elliott Wave View on Facebook (FB) shows the decline to August 6, 2019 low (176.29) ended wave ((W)). The rally from here took the form of a corrective structure. The internal subdivision of the rally is unfolding as an Elliott Wave double three structure. In this particular case, the rally is in the form of a double zigzag since both wave (W) and wave (Y) subdivide as a zigzag.

Up from 176.29, wave (W) ended at 190.98 with the internal subdivision as a zigzag. Wave A of (W) ended at 186.30, wave B of (W) ended at 181.22, and wave C of (W) ended at 190.98. The stock then ended wave (X) pullback at 177.39 with the internal subdivision as an expanded Flat. Wave A of (X) ended at 185.11, wave B of (X) ended at 191.38, and wave C of (X) ended at 177.39.

Wave (Y) rally is in progress with the internal subdivision as a zigzag. Up from 177.39, wave A of (Y)  ended at 187.50 and wave B of (Y) ended at 182.39. Near term, while above 177.39, expect Facebook to resume higher in wave C of (Y). Potential target to the upside is 191.9 – 195.4 area, which is the 100% extension from August 6 low. From this area, the stock should then resume lower or at least pullback in 3 waves.

 

Facebook 1 Hour Elliott Wave Chart

Chart

 

Facebook 1 Hour Elliott Wave Video

 

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.

Recommended Content


Recommended Content

Editors’ Picks

AUD/USD keeps the red below 0.6400 as Middle East war fears mount

AUD/USD keeps the red below 0.6400 as Middle East war fears mount

AUD/USD is keeping heavy losses below 0.6400, as risk-aversion persists following the news that Israel retaliated with missile strikes on a site in Iran. Fears of the Israel-Iran strife translating into a wider regional conflict are weighing on the higher-yielding Aussie Dollar. 

AUD/USD News

USD/JPY recovers above 154.00 despite Israel-Iran escalation

USD/JPY recovers above 154.00 despite Israel-Iran escalation

USD/JPY is recovering ground above 154.00 after falling hard on confirmation of reports of an Israeli missile strike on Iran, implying that an open conflict is underway and could only spread into a wider Middle East war. Safe-haven Japanese Yen jumped, helped by BoJ Governor Ueda's comments. 

USD/JPY News

Gold price pares gains below $2,400, geopolitical risks lend support

Gold price pares gains below $2,400, geopolitical risks lend support

Gold price is paring gains to trade back below  $2,400 early Friday, Iran's downplaying of Israel's attack has paused the Gold price rally but the upside remains supported amid mounting fears over a potential wider Middle East regional conflict. 

Gold News

WTI surges to $85.00 amid Israel-Iran tensions

WTI surges to $85.00 amid Israel-Iran tensions

Western Texas Intermediate, the US crude oil benchmark, is trading around $85.00 on Friday. The black gold gains traction on the day amid the escalating tension between Israel and Iran after a US official confirmed that Israeli missiles had hit a site in Iran.

Oil News

Dogwifhat price pumps 5% ahead of possible Coinbase effect

Dogwifhat price pumps 5% ahead of possible Coinbase effect

Dogwifhat price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu, WIF token’s show of strength was not just influenced by Bitcoin price reclaiming above $63,000.

Read more

Majors

Cryptocurrencies

Signatures