17 July Facebook Elliott Wave Analysis: Correction Taking Place


Facebook ticker symbol: $FB short-term Elliott Wave analysis suggests that the decline to $192.22 low ended cycle degree wave II as double three structure. What is expected of the stock? Learn this from the following 17 July Facebook Elliott Wave Analysis.

17 July, GKFX – Up from there, the stock is rallying higher and making new all-time highs within cycle degree wave III. Up from $192.22 low, the rally to $208.2 high ended primary wave ((1)).

The internals of that rally took place in the form of an impulse structure with lesser degree cycles showing an internal subdivision of 5 waves in each leg higher.

17 July Facebook Elliott Wave Analysis

Up from $192.22 low, the rally higher to $197.45 higher intermediate wave (1) of ((1)) in 5 waves structure. Down from there, the pullback to $192.52 low ended intermediate wave (2) of ((1)) in 3 swings.

Up from there, the rally higher to $205.80 ended intermediate wave (3) of ((1)) in 5 waves structure. Down from there, the pullback to $201.20 low ended intermediate wave (4) of ((1)) in 3 swings as a Flat. Then the rally higher to $208.2 high ended intermediate wave (5) of ((1)) in another lesser degree 5 waves.

Below from there, the stock is correcting the cycle from 7/02/2018 low ($192.22) in primary wave ((2)) pullback. The pullback is expected to find buyers in 3, 7 or 11 swings at the extreme areas.

Near-term focus remains towards $200.80-$198.76 50%-61.8% Fibonacci retracement area as target area for the pullback. Afterwards, the stock is expected to resume higher provided pivot at $192.22 low stays intact or it should react higher in 3 waves at least. We don’t like selling it.

Facebook 1 Hour Elliott Wave Chart

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Disclaimer

This article 17 July Facebook Elliott Wave Analysis was provided by GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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