bounce off July 4th supply zone sold to August 8th swing low. price may reach 96.061 supply zone resistance this week, and bounce once again. 61.8% retracement from 96.061 swing high might sell to 94.013
after price has tested supply zone twice or thrice—and buyers have flooded the market—selling pressure could cause a pullback to blow past the 61.8% retracement to the demand zone.
Could Facebook stock drop to $50??? It might be too early to tell, but if price action doesn't make a new swing high above C leg, then this pattern may have high probably of completing. Bearish divergence on the RSI extending from July 13'. A GrandSuper Cycle wave 3 confirming the down trend which peaked at price $72.73. $FB is now showing signs of a bullish...
Different entries and playbook trades that make sence for me with comments on the chart.