Since Tuesday Facebook has gained almost 7%, but since I called the bottom almost to the day it has gained more than 77%.
Below you can see the long term chart of Facebook:
http://theelliottwavesufer.blogspot.dk/2012/08/facebook-monthely-close-basis-facebook.html
And here the call for the bottom almost to the day and only 0.54 points from my ideal target:
http://theelliottwavesufer.blogspot.dk/2012/09/facebook-bottom-in-place.html
This is what using Elliott wave analysis can do for you. No other analytic tool had offered anything close to this. If I'm wrong I apologise in advance, but I would like to see it.
Where do we go from here? Despite having reached the target for wave 3 I do think we will see a slightly new high above 31.38, but we should not expect much more upside before a flat correction as wave 4 sets in. This wave 4 could take us all the way down to 25.50, but it could as easily stall at 28.45 in a sideways consolidation, but time will show what shape wave 4 will take. Just remember it will only be wave 4 and wave 5 higher is still to come.
that's what I'm seeing fwiw:
ReplyDeletehttp://www.sierrachart.com/userimages/upload_2/1357844230818.png
http://www.sierrachart.com/userimages/upload_2/135784425327.png
.. but it looks like it's going to continue to extend.
Hi ST
ReplyDeleteAs I see it we pretty much has the same count. We might differ a little regarding wave 2, but the rest is more or less the same.
Your count might very well be the correct one, but as we both is looking for higher levels it's just a matter of when.
So stay with you count and enjoy the ride.
Kind regards
EWS
What do you think the max distance is for this wave 5 of 3? it almost feels as powerful as the 3 of 3.
ReplyDeleteHi Hedgiefundman,
ReplyDeleteThe max distance is 100% of the length meassured from the bottom of wave i of 3 to the top of wave iii of 3, which would give us a target of 34.56, but I would be extremly surprised to see that.
I think you should keep an eye on support at 31.10 as a break below here will likely be the clue, that wave 3 is done and wave 4 is developing.
We are likely very close to the top of wave 3 if it hasn't already been seen at 31.96.
Kind regards
EWS