FB: Target 182 in weeks ahead if breaks trendline
Updated
FB bounced off a signficant trendline today after completing a 5 subwaves up pattern. I believe this recent move created wave 3, and FB now started wave 4 down. It looks like it should target the trendline around 182, though a more rapid move could certainly see it touch lower than that.
I may look to enter a short position if FB crosses the trendline as drawn here in the next day or two anticipating a move to 182+/- within the next 2-3 weeks.
I may look to enter a short position if FB crosses the trendline as drawn here in the next day or two anticipating a move to 182+/- within the next 2-3 weeks.
Trade active
Watching closely as FB is following the anticipated price action so far. A move to break trendline may come tomorrow. If so, could watch for a retest of the trendline, then short on weakness/failure to recapture the trendline or simply use the area above the trendline as a stop loss point.Trade active
Following the predicted path nicely. If one has not entered a short position on the fall by FB through the trendline a second time, now might still be a good risk/reward point to enter a trade (1:3.5 roughly).
I'd see a stop loss around $197.40 as reasonable. Target $182, though one might consider taking profits half way to that point.
Note
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