Elliott Wave suggests double correction in META to provide buying opportunity [Video]
|Short Term Elliott Wave View in META suggests that rally from 7.25.2024 low is in progress as an impulsive structure. Up from 7.25.2024 low, wave (1) ended at 544.23. Wave (2) pullback ended at 495.51 as the 1 hour chart below shows. Up from there, the stock extended higher in wave ((3)) as an impulse. Wave 1 of (3) ended at 527.94 and pullback in wave 2 of (3) ended at 517.11. Stock extends higher again in wave 3 of (3) towards 583.04 and wave 4 of ((3)) ended at 566.4. Final leg wave 5 ended at 602.95 which completed wave (3).
META 60 minutes Elliott Wave chart
Wave (4) pullback is currently in progress as a double three Elliott Wave structure. Down from wave 93), wave W ended at 581.61 and rally in wave X ended at 592.18. Expect Wave Y to extend lower towards 100% – 161.8% Fibonacci extension of wave W. This area comes at 557.7 – 579.8 where wave Y of (4) should end. From this area, the stock should resume higher again or at least rally in 3 waves. Near term, as far as pivot at 495.51 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
META Elliott Wave video
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.