META 20 % dump may happenHi traders
We've seen a beautiful recovery on META since lows reached in November 2022. However, the upsloping support which was respected through the whole recover phase, has failed in August 2023 and now it seems that the price has created the first lower high after reaching 0.786 fib level.
This is not a good sign for bulls and taking into an account that SPX and NASDAQ looks bearish now, we expect META to drop about 20 % in the next weeks and months.
target for shorts: 240 -255 $ ( 0.5 fib level )
If the price breaks above 325 $, we may be looking for a bullish continuation but right now, we are bearish on META.
What do you think ? Share your opinion in the comment section