In this technical blog, we will look at the past performance of 4-hour Elliott Wave Charts of META. In which, the decline from 21 July 2022 high unfolded as an impulse sequence and showed a lower low sequence within the bigger cycle from November 2021 peak. Therefore, we knew that the structure in Meta is incomplete to the downside & should see more weakness. So, we advised members to sell the bounces in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
Here’s 4 hour Elliott wave Chart from the 10/25/2022 update. In which, the decline to $122.53 low ended 5 waves from the 7/21/2022 high in wave (A) & made a bounce in wave (B). The internals of that bounce unfolded as an Elliott wave flat correction where wave A ended at $137.84 high. Then a pullback to $124.57 low ended wave B pullback and started the C leg higher towards $139.74- $149.10 blue box area from where sellers were expected to appear looking for more downside or for a 3 wave reaction lower at least.
This is the Latest 4-hour view from the 10/31/2022 update. In which the stock is showing a reaction lower taking place from the blue box area allowing shorts to get into a risk-free position shortly after taking the position. Currently, the stock has already made a new low confirming the next extension lower towards $79.92- $65.12 area lower minimum before a bounce happens.