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FB in a 5 wave up pattern on the 30 minute chart

By Chadison-Brosevelt
FB made a double bottom this past week while the SP 500 went up to test all time highs. FB is currently in wave 2 of 5 that could end around the .618 fibbonacci (187.25) which is near my entry... I think this is a great entry with a tight stop around the 184.50 mark to minimize risk, a break of 184.5 would invalidate the wave 2 structure and thus my idea...FB could be coiling up for a third wave that is 1.618 times the length of wave one (~5% from current price) at around ~197.50. The hype behind the announcement of a new cryptocurrency could continue into next week and fuel the rise of the third wave if the SP500 doesn't correct in the process.

TARGET for third wave: $196 (just to be on safe side)
STOP (breaks 2nd wave): $184.50
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Chadison-Brosevelt

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