BLUE COUNT
My overall view of FB, I am short term bullish, long term bearish. There is a clear 5 wave move down from 33.5, and I believe the recent rally from its' all time low can be counted best as a 5-wave a wave. This recent pullback can be called the B-wave due to its nice fibonacci relationship of a .618 retrace of the a-wave. If it were to rally from here in a C-wave then I would initially target 26-28.75. When the waves start to play out, we can have a more accurate target range.
ORANGE COUNT
However, this recent pullback can be counted as an a-wave to the b-wave. If so we can see a 3 wave rise in a b wave to around 22 manner followed by a strong reversal in a c-wave to down near $19.
GREEN COUNT
In the most bullish circumstance, this could possibly be a 1-2 (blue count) set up for a 5 wave a wave that can target as high as $33. This is NOT the primary count for myself, but its something to keep in mind
My overall view of FB, I am short term bullish, long term bearish. There is a clear 5 wave move down from 33.5, and I believe the recent rally from its' all time low can be counted best as a 5-wave a wave. This recent pullback can be called the B-wave due to its nice fibonacci relationship of a .618 retrace of the a-wave. If it were to rally from here in a C-wave then I would initially target 26-28.75. When the waves start to play out, we can have a more accurate target range.
ORANGE COUNT
However, this recent pullback can be counted as an a-wave to the b-wave. If so we can see a 3 wave rise in a b wave to around 22 manner followed by a strong reversal in a c-wave to down near $19.
GREEN COUNT
In the most bullish circumstance, this could possibly be a 1-2 (blue count) set up for a 5 wave a wave that can target as high as $33. This is NOT the primary count for myself, but its something to keep in mind