if market can firm watch for a quick snap out of this intraday downtrend. Am seeing some buyers down here and that doesn't mean we can't break lower. Above 23.35 could get some mojo.
The chart is prepared using Wolfe Waves and Fibs for entry/exit. We see a possible rally being formed from the current levels. The confluence of 0.5 and 0.618 marks our entry with stops just a few points below in the Wolfe Wave's 'Sweet spot'
Price likely to go all the way to $32 region.
The three intermediary Fibs are immediate take profit levels. Expect to see...
This chart is more Gann study. On the far left are high and low major fans. They are followed by a high and low minor fans. . Also included are two Gann squares . On the fans, I am looking for crossings of same color and price reaction to these crossings. Also noticing a relationship between crossing of of top red fan angle and price. The the squares are for...
$FB positive reaction after earnings accelerated the previous bullish channel even steeper. Slightly concerning to see a pullback of this magnitude on friday in a tape so strong but I wouldn't read too much into it just yet. No idea what kind of options shenanigans could be at work on earnings opex. If the bulls can hold this gap at 28 it should begin to carve out...
The break of the weekly high is a sign of technical strength. This opens the door for a buying opportunity if price can push back into the mid 25's. This process can take a number of weeks. A more conservative buy zone would present itself just below the 24.00 swing low, but buying here requires a great deal of validation. A weekly close below this level will...
$FB earnings out tonight which seemed to be a nonevent. Sitting in a relatively steep channel. Not much else to say, tomorrow should see an accelerated thrust higher or a breakdown to test the gap, time will tell.
Third attempt to reverse. The last one on high volume at the channel support. We should be able to get at least a second leg up. R/R = 2:1 with target at the upper channel line a bit above AB=CD
Update Apr. 4th: I will take profits now (a bit earlier) at the upper channel line (white) !
