META: Wave (iv) finds buyers within blue box area
|In this article we will analyze our forecast for META in the short term cycle. Since the short term peak of META from 05.22.2023 to end wave (iii) we have been expecting a pullback within wave (iv) to take place. Here at Elliott Wave Forecast we have in place a system that allows us to measure an area in which we can expect a react to take place.
We call it equal legs area or blue box area as you might have seen within our charts. These areas provide us with at least an 85% chance of a minimum of 3 waves bounce or reaction to take place. We can use these areas to enter in the market with a defined entry, Stop Loss and exit strategy.
We teach how to use our system within our member’s area and live trading room. Once a member or in trial you will be able to gather more of that information under your disposal. Nevertheless, let’s have a look now on the 45 mins chart of META as provided to members from 05.24.2023. We have been expecting little more downside to reach the blue box area before turning higher.
META 45 min chart pre market update 05.24.2023
As we can see the market was marginally above within blue box area of 244.58 – 240.18 and we have been expecting a dip to reach the area. We recommend members to always buy from the 100% extension area with a stop loss just below the 1.618 area. Fast forward, towards the latest post market update now from 05.26.2023, we will see that the market has already reacted higher and what we expect next.
A very clear reaction higher took place from 244.56 inside the blue box area. The reaction higher within wave iii of (v) of ((v)). Expecting one more high in v to end (v) of ((v)) to end wave 3 in red, before a pullback in 4. You can learn more once become a member at Elliott Wave Forecast. Join us to learn the next trading opportunities in META and other Stocks or ETFs. Belongs to our Group 3 of instruments.
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