Facebook (FB Stock): Elliott Wave view – Correction may extend [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short Term Elliott Wave structure for Facebook (FB) suggests the rally from January 14, 2021 low ended wave ((1)) at 322.86 as an impulse Elliott Wave structure. In the 1 hour chart below, we can see wave (4) of this impulse ended at 295 and from there it rallied in wave (5) as an impulse in a lesser degree towards 322.86. This completed wave ((1)) in a higher degree.

Wave ((2)) pullback is currently in progress to correct cycle from January 14 low before the rally in the stock resumes. Internal subdivision of wave ((2)) is proposed to be in a zigzag Elliott Wave structure. Down from wave ((1)), wave 1 ended at 313 and wave 2 bounce ended at 326.44. Stock then resumed lower in wave 3 towards 297.75, and bounce in wave 4 ended at 306.83. Facebook now can see 1 more leg lower to end wave 5 which should complete wave (A) in higher degree.

Afterwards, the stock should see a wave (B) bounce to correct cycle from April 29 high before the decline resumes in wave (C) of ((2)). As far as pivot at 332.86 high stays intact, expect rally to fail in the sequence of 3, 7, or 11 swing for another leg lower.

Facebook (FB) 60 Minutes Elliott Wave Chart

FB Elliott Wave Video

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD weakens to near 1.1900 as traders eye US data

EUR/USD eases to near 1.1900 in Tuesday's European trading hours, snapping the two-day winning streak. Markets turn cautious, lifting the haven demand for the US Dollar ahead of the release of key US economic data, including Retail Sales and ADP Employment Change 4-week average.

GBP/USD stays in the red below 1.3700 on renewed USD demand

GBP/USD trades on a weaker note below 1.3700 in the European session on Tuesday. The pair faces challenges due to renewed US Dollar demand, UK political risks and rising expectations of a March Bank of England rate cut. The immediate focus is now on the US Retail Sales data.

Gold sticks to modest losses above $5,000 ahead of US data

Gold sticks to modest intraday losses through the first half of the European session, though it holds comfortably above the $5,000 psychological mark and the daily swing low. The outcome of Japan's snap election on Sunday removes political uncertainty, which along with signs of easing tensions in the Middle East, remains supportive of the upbeat market mood. This turns out to be a key factor exerting downward pressure on the safe-haven precious metal.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Follow the money, what USD/JPY in Tokyo is really telling you

Over the past two Tokyo sessions, this has not been a rate story. Not even close. Interest rate differentials have been spectators, not drivers. What has moved USD/JPY in local hours has been flow and flow alone.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.