Facebook - A bottom in place?

Facebook - I have followed Facebook pretty close since its IPO and had an target of 17.01. On Tuesday it touched 17.55 and looking at the Elliott channel we could have a bottom in place for a very nice rally.
You will not hear me say, that a long term bottom is in place, but we should at least see an X-wave higher, an X-wave I believe could go all the way back close to the top of wave B, which would mean a rally of close to 90%. You may like Facebook or not, but you don't get it much better than that...