So far, the wicked action in Facebook, Inc. (FB) after last evening’s earnings report initial knee-jerk down to 56.95, followed by up-spike to 65.04, followed by a nosedive to 59.77, leaves behind a pattern off of the April lows at 55.47/88.
This action is counter-trend, and warns me that FB likely has ended a recovery-rally phase, and has resumed its larger correction, discussed in yesterday’s 1:07 PM ET chart work off of its March high at 72.72 that projects a revisit of the April lows, on the way to 53.50-52.00.
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