FB in ABCDs
Jeff Tan (jefftan) has published a very nice pitchfork-based analysis of Facebook over the last few months:
tradingview.com/v/p4thblgM/
I'd like to complement this with an view based purely on ABCD formations. FB made two ABCDs (abcd1 & abcd2; narrow red lines indicate ab and cd). abcd1 featured a ~23.6% corrections. In abcd2 the correction was ~34%.
The latest correction to a low of $45.53 is way too large to 'fit into' an ABCD based on the upleg in the last two weeks of Sept. (see abcd3??)
So, reluctant as I am to contemplate that FB is going higher, it looks like it's in the throes of a mothership ABCD pattern (heavy red): the correction fits perfectly (see big pale candystriped Fib box, especially the dotted red line).
The d of abcd3 ($54.82) is likely to provide some resistance; if we're already there that would imply retracing to find a 'c' somewhere in the orange box. Hence: short - but only in the very near term, and after signs of a top.
If FB then takes out that top, the mothership's P & D - $58.96 & $72.59 respectively - will be calling, and would be places to expect turning points. (And short the **** out of this blight upon humanity :)
Anyway, I'm just making this stuff up ;) Good luck!
tradingview.com/v/p4thblgM/
I'd like to complement this with an view based purely on ABCD formations. FB made two ABCDs (abcd1 & abcd2; narrow red lines indicate ab and cd). abcd1 featured a ~23.6% corrections. In abcd2 the correction was ~34%.
The latest correction to a low of $45.53 is way too large to 'fit into' an ABCD based on the upleg in the last two weeks of Sept. (see abcd3??)
So, reluctant as I am to contemplate that FB is going higher, it looks like it's in the throes of a mothership ABCD pattern (heavy red): the correction fits perfectly (see big pale candystriped Fib box, especially the dotted red line).
The d of abcd3 ($54.82) is likely to provide some resistance; if we're already there that would imply retracing to find a 'c' somewhere in the orange box. Hence: short - but only in the very near term, and after signs of a top.
If FB then takes out that top, the mothership's P & D - $58.96 & $72.59 respectively - will be calling, and would be places to expect turning points. (And short the **** out of this blight upon humanity :)
Anyway, I'm just making this stuff up ;) Good luck!
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