The 5 pattern Elliott wave has been completed on FB. The ABC pattern is about to begin. The A wave has already begun with an initial target of 63.31. It is being supported by a downward sloping RSI indicator. Be Bearish for the next couple of trading sessions till the target is hit. Take all the downtrends on Intraday charts for shorting. Do NOT look for RSI on the Intraday charts. Observe bearish trend following strategies and bearish price action :)
Happy Trading.
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AhilanThurairajah
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Wave 3 does not have to be the longest. But it cannot be the shotest.
Wave 4 cannot overlap with wave 1.
As I remember, these are both rules. Not just prefered. May be I am wrong.
For me I am staying out of trading with FB becouse the pattern is not clear for me.
PranavShandilya
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TARGET ACHIEVED.. Go LONG NOW
AhilanThurairajah
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Wave 3 cannot be the shortest wave in wave theory. I think your labeling is wrong.
PranavShandilya
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There is no necessity that wave three be the longest.. Its a preferred condition thats all. If you notice the minor waves on Wave3, the counting adds up properly. :) Cheers.
PranavShandilya
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There is always contradiction among wave counters. Assuming that your are right, the third wave would end at the place where I have marked the end of fifth wave. That means that we are in the fourth major wave right now, which is still bearish. So all in all, the downtrend continues. Lets hope it meets the target.
Wave 4 cannot overlap with wave 1.
As I remember, these are both rules. Not just prefered. May be I am wrong.
For me I am staying out of trading with FB becouse the pattern is not clear for me.