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Saturday, March 16, 2013

Elliott wave analysis of Facebook

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Please see my last post on Facebook here first: http://theelliottwavesufer.blogspot.dk/2013/03/facebook-has-bottomed.html, but you should also take a look at my long term Elliott Wave count for Facebook here, to get the right perspective: http://theelliottwavesufer.blogspot.dk/2012/08/facebook-monthely-close-basis-facebook.html 

The failue to break above important resistance at 28.94 followed by the break break below important support at 26.83 yesterday told us, that wave 4 wasn't over and that my original target near 25.60, where wave 4 will have corrected 38.2% of wave 3, still is in play. At 25.72 wave c of 4 will also be 2.618 times longer than wave a of 4, so we should expect strong support as we close in on this area.

More important wave 4 is an expanded flat correction (wave b went beyond the beginning of wave a and wave c has move way below the end of wave a) and that tells us, that we should expect a very powerful wave 5 once it takes over. We should even expect wave 5 to be an extended wave and if that will be the case, then we should see wave 5 rally to 40.35, where wave 5 will be equal in length to the distance traveled from the bottom of wave 1 top the top of wave 3. That would be a rally of more that 56% if it comes true.

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8 comments:

  1. HaiGoMarch 16, 2013 at 10:12 AM

    Hi EWS,
    could you also give as your short (weeks) and long term (1 year) view of Gold?

    Thanks and have a good weekend!
    Heiko

    ReplyDelete
  2. fongsMarch 16, 2013 at 4:19 PM

    Hi EWS,

    Thank you very much for sharing the updated count on FB. It has been useful to me ever since you posted the long term chart. I want to ask regarding the data source of your chart since I noticed that the high and lows of the bars are not identical to the chart i am viewing. For example, the recent low in my chart is 26.34 which i think in your chart is 26.83. I hope you can reply so that I can reconcile your short term count with my count. thanks in advance.

    Fongs

    ReplyDelete
  3. Elliott wave surferMarch 16, 2013 at 5:58 PM

    Hi Fongs,

    I use NetStation for charting. I don't know where they get the data from, but I would like to think the trading data from an official source.

    Kind regards
    EWS

    ReplyDelete
    Replies
    1. fongsMarch 16, 2013 at 8:21 PM

      Hi EWS,

      I have checked netdania.com. it seems that they have 2 sources of data to construct the chart. one is from BATS and the other one is from NASDAQ. The one you posted is from BATS and the one I use is from NASDAQ. I am pasting the link of both.
      NASDAQ: http://www.netdania.com/Products/FullQuote/FullQuote.aspx?symbol=FB.nq&provider=idc_dlb&ext=false&d=netdania_stocks
      BATS: http://www.netdania.com/Products/FullQuote/FullQuote.aspx?symbol=FB.bt&provider=idc_rtb&ext=false&d=netdania_stocks

      I hope you can take a look at the difference in data.

      regards,
      Fongs

      Delete
    2. Elliott wave surferMarch 17, 2013 at 5:34 PM

      Hi Fongs,

      I see the difference, What you want to know if it's possible that we have seen the bottom already with the test of 26.35?

      Yes it's possible, but even if we haven't see the bottom we shouldn't see much more downside. The ideal corrective target is still in the 25.60 - 25.70 area, which I think would provide an excellent buying opportunity, but even here will provide a excellent buying opportunity for a break above improtant resistance at 28.94 confirming that wave 4 is over and wave 5 is developing.

      Hope the above satify you question? Otherwise don't hesitate to post me again.

      Kind reagrds
      EWS.

      Delete
    3. fongsMarch 18, 2013 at 2:09 AM

      Hi EWS,

      Thank you very much for your answer.

      I see your point the either way where is not much downside left as we are in the final portion of a wave C of an irregular flat wave 4.

      Regards,

      Fongs

      Delete
  4. Elliott wave surferMarch 16, 2013 at 5:59 PM

    Hi Heiko,

    I will take a look at gold tomorrow an make an update.

    Kind regards
    EWS

    ReplyDelete
  5. magicswagMarch 25, 2013 at 10:21 PM

    Now that the 25.50 area has been broken, how much more downside do you anticipate? It looks like it is going to correct more than the 38.2% retracement. What are your thoughts?

    ReplyDelete

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