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Elliott Wave View: Rally in Facebook is Corrective

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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 Wavedouble 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

FB Aug 21

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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