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Thursday, February 13, 2014

Facebook - at or close to an important top.

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We are in the final part of the impulsive rally from 17.55. As long as support at 61.18 protects the downside we could see a move slightly higher towards the 61.8% target of the move from the bottom of wave I to the top of wave III added to the bottom of wave IV at 67.91. Once wave V is in place we should be looking for a correction towards the 44.69 - 46.96 area, where we will find the 38.2% corrective target and the bottom of wave IV.

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