Details: Looking for extension in Minor wave 3, after finding resistance on 500$. Alternatevly we could be seeing ourselves in a sideways wave (4) to be finished.

META Elliott Wave Analysis Trading Lounge 4Hr Chart,

Meta Platforms Inc., (META) 4Hr Chart.

META Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave {ii} of 3.

Direction: Bottom in wave (c).

Details: Looking for a bottom in wave (c) so we can resume higher as forecasted or else the count will be compromised.

Welcome to our latest Elliott Wave analysis for Meta Platforms Inc. (META) as of June 24, 2024. This analysis provides an in-depth look at META's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on META's market behaviour.

META Elliott Wave technical analysis – Daily chart

In our Elliott Wave analysis of Meta Platforms Inc. (META) on June 24, 2024, we observe an impulsive trend pattern characterized by a motive structure. META is currently positioned in Minor wave 3, suggesting a continuation in the current upward trend. The recent price action has encountered resistance at the $500 level, indicating that Minor wave 3 may be extending. However, there is an alternate scenario where the market could be entering a sideways correction in wave (4). Traders should monitor the $500 resistance level closely for signs of either continuation of the uptrend or the initiation of a corrective wave (4).

META Elliott Wave technical analysis – Four - hour chart

On the 4-hour chart, META is following an impulsive trend mode within a motive structure, specifically in wave {ii} of 3. The current analysis suggests that wave (c) of {ii} is approaching a bottom, which could provide a foundation for resumption higher as forecasted. If this bottom is confirmed, it would align with the anticipated continuation of the uptrend. However, failure to establish a bottom in wave (c) could compromise the current wave count and suggest a potential reassessment of the bullish scenario.

Technical analyst: Alessio Barretta.

META Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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