Facebook Chart 1

Facebook - About To Face The Music

FACEBOOK - About to face the music. by DanV on TradingView.com

19 October 2014

Updates and comments

With its IPO in May 2012 it is difficult to know what price action it might have formed. However, based on the price action since low in September 2012, it is fairly clear that we have ABC retracement rally which is likely to complete soon and in 80-82 price zone which could it self be a larger Wave (B) suggesting that we could have major Wave (C) to commence shortly.

All the features of Elliottwaves are clear:

1. Impulsive wave A with 5 internal waves.
2. Wave B which is abc zigzag retracement.
3. Wave C is also with 5 internal waves and the final 5th wave to upside in progress.
4. Evident momentum divergence between peak in Wave A and Wave B.

Based on the above, I am making the assumption that the September 2012 low could be larger wave (A) and this rally being wave (B). If correct then in due course, wave (C) target could be in the region of September 2012 low or make new lower low.

I can understand that this might seem illogical to some, but very likely scenario particularly if the suggested decline also coincide with major weakness in wider equity market. See my S&P500 Chart. 

As always, do your own analysis. 

Do let me know if you have an alternative viewpoint with chart if possible. If you like the idea, please share it with others.

Select to follow me and the chart of any updates.

Lets get ready for the music to begin.

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