Details: Looking for extension in Minor wave 3, after finding resistance on 500$. Alternatevly we could be seeing ourselves in a sideways wave (4) to be finished.

META Elliott Wave Analysis Trading Lounge 4Hr Chart,

Meta Platforms Inc., (META) 4Hr Chart.

META Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave {ii} of 3.

Direction: Bottom in wave (c).

Details: Looking for a bottom in wave (c) so we can resume higher as forecasted or else the count will be compromised.

Welcome to our latest Elliott Wave analysis for Meta Platforms Inc. (META) as of June 24, 2024. This analysis provides an in-depth look at META's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on META's market behaviour.

META Elliott Wave technical analysis – Daily chart

In our Elliott Wave analysis of Meta Platforms Inc. (META) on June 24, 2024, we observe an impulsive trend pattern characterized by a motive structure. META is currently positioned in Minor wave 3, suggesting a continuation in the current upward trend. The recent price action has encountered resistance at the $500 level, indicating that Minor wave 3 may be extending. However, there is an alternate scenario where the market could be entering a sideways correction in wave (4). Traders should monitor the $500 resistance level closely for signs of either continuation of the uptrend or the initiation of a corrective wave (4).

META Elliott Wave technical analysis – Four - hour chart

On the 4-hour chart, META is following an impulsive trend mode within a motive structure, specifically in wave {ii} of 3. The current analysis suggests that wave (c) of {ii} is approaching a bottom, which could provide a foundation for resumption higher as forecasted. If this bottom is confirmed, it would align with the anticipated continuation of the uptrend. However, failure to establish a bottom in wave (c) could compromise the current wave count and suggest a potential reassessment of the bullish scenario.

Technical analyst: Alessio Barretta.

META Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD weakens as US jobs data trims Fed rate cut bets

The EUR/USD pair trades in negative territory for the third consecutive day near 1.1860 during the early European session on Thursday. Traders will keep an eye on the US weekly Initial Jobless Claims data. On Friday, the attention will shift to the US Consumer Price Index inflation report.

GBP/USD bullish outlook prevails above 1.3600, UK GDP data looms

The GBP/USD pair gains ground near 1.3635, snapping the two-day losing streak during the early European session on Thursday. The preliminary reading of UK Gross Domestic Product for the fourth quarter will be closely watched later on Thursday. The UK economy is estimated to grow 0.2% QoQ in Q4, versus 0.1% in Q1.

Gold remains on the defensive below two-week top; lacks bearish conviction amid mixed cues

Gold sticks to modest intraday losses through the Asian session on Thursday, though it lacks follow-through selling and remains close to a nearly two-week high, touched the previous day. The commodity currently trades above the $5,070 level, down just over 0.20% for the day, amid mixed cues.

UK GDP set to post weak growth as markets rise bets on March rate cut

Markets will be watching closely on Thursday, when the United Kingdom’s Office for National Statistics will release the advance estimate of Q4 Gross Domestic Product. If the data land in line with consensus, the UK economy would have continued to grow at an annualised pace of 1.2%, compared with 1.3% recorded the previous year.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.