Facebook -Weekly
Elliott Wave Analysis of Facebook - Break below 125.75 confirmed wave [3] peaked at 133.50
On June 15 I called for a possible top in FB at 120.77 (you can see that post by clicking here), Well it turned out that FB had a little more staying power and continued higher to peak at 133.50, but yesterday's break below 125.75 and more importantly below the ending diagonal support-line near 123.50 confirmed that wave [3] completed with the test of 133.50 and a return to the origin of the ending diagonal at 72.00 is developing.
When an ending diagonal is complete the return to the origin, should be see within half the time it took the formation to build, which in this case means a return close to 72.00 no later than mid-June 2017.
Once the correction in wave [4] is complete close to 72.00 it should provide an excellent buying opportunity. I will keep you posted when that time comes.
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