Bearish deep crab. Target 1 at 14244.45 23% fib level.
There is also strong support around X highlighted in red. If sellers can push through, I'll be looking for 12744.77 as my target 2 at the 38% fib level
Elliott Wave analysis suggests we are in a correction on Facebook, which should take us quite a bit lower before the rally continues.
A bear pennant pattern seems to be developing, with an Elliott wave interpretation there is a low risk/reward trade setup.
Let me know what you think..
This is a classic Fous4 pattern straight out of the DVD. Looking good overall, though not enough volume to support the up trend. But this is just an example of a good profit taking pattern.