Facebook - Peak expected at 187.17

Facebook - Peak expected at 187.17 

Facebook has seen an amazing rally since the September 2012 low at 17.55. This wave [3] rally should be close to completion - Ideally near 187.17 for a correction in wave [4]. As wave [2] was a simple and deep zig-zag correction, we should expect a complex and shallow correction in wave [4]. The ideal target for this wave [4] correction is seen in the 114.77 - 115.93 area.

The corrective structure of wave [4] should be either a flat or a triangle consolidation. If the corrective structure proves to be a triangle, then the low will be seen early (likely in the A-wave down).

Short-term a break below minor support at 168.89 will be a good indication that Facebook has peaked in wave [3] and wave [4] is developing. So tighten up your stops and don't fall in love with Facebook at these levels.

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Duane
2014-08-29
Hey EWS,

Great work on the GBPCAD and the NZDCAD. These are the type of opportunities that I am looking for, monthly turns caught with daily or hourly entries. Easy money!!

Duane
Darryl
2014-09-14
Love the good work, most accurate I’ve found in my research. Darryl
Thomas
2014-08-11
Sublime Counts!