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Please see my last post on Facebook here first: http://theelliottwavesufer.blogspot.dk/2012/11/long-term-elliott-wave-analysis-of.html
Facebook is about to finish wave 3 and I expect it will terminate in the 29.50 - 30.50 area before a flat correction will make up wave 4. Why a flat correction because wave 2 clearly was a simple but deep zig-zag correction and due to the alternation principle a flat would make the most sense in wave 4. That said, it could also be a triangle, but at this point I find that option less likely. How deep will wave 4 go then? I expect it to go towards 28.25, where it will have retraced 23.6% of wave 3, but it would be as common if we saw a slightly deeper correction towards the 38.2% correction target at 26.45, before the last wave higher towards at least 31.48 and more likely higher towards 33.07 and maybe even 34.67.
I wouldn't count the gap up in October as (i) of (3). No accumulation took place then, just distribution: the gap got sold into. I have that early november leg down as (c) of (2).
ReplyDeleteHi ST,
ReplyDeleteYour count is just as valid as mine, so stay with it and enjoy the ride.
Kind regards
EWS