Facebook is showing a perfect uptrend alignment. We can see this via the moving averages: price is above the 21 ema zone, which is above the long-term MAs.
Facebook (FB) is showing a perfect uptrend alignment. We can see this via the moving averages (MAs): price is above the 21 ema zone, which is above the long-term MAs.
Facebook showed a strong bullish momentum. This is probably a wave 3 (pink). The retracement has respected the 38.2% Fibonacci retracement level.
The sideways price action has either completed a wave 4 at the previous bottom (pink) or could complete it in the near future (wave 4’).
The trend lines and the 21 ema zone are critical for the next price swing:
The bullish targets are located at $325 and $350. A break below the 38.2% and 50% Fib make the wave 4 less likely.
On the 4 hour chart, we see two patterns offered. This will depend on the breakout direction below or above support and resistance.
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Good trading,
Chris Svorcik
The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter
Chris Svorcik is co-founder, trader, and analyst with Elite CurrenSea (www.EliteCurrenSea.com) since 2014.