$FB = Quarterly Analysis = 03.10.2021 #FB #Facebook #Investing #faang

I’m hearing that FB is at the bottom of correction and is ready to start a rally to ATH. Well, big candles are telling another story. Whether you chose to believe or not, the candlesticks odds are bearish, and high.

CANDLES

Quarterly
The quarterly candle formation is extremely strong bearish. A bearish Hammer/Harami/Spinning Top all in one. And this bear darling closed above BB in oversold condition.
There is a tiny chance that this candle is canceled by bulls in the next 3 month, but in this case it will just exaggerate the technical conditions. E.g. the price will move above BB even further – a following reversal would be even stronger.
Odds: Strong Bearish

Monthly
FB closed September with a strong bearish Engulfing on a falling RSI and strong volume. At least one month of lower prices is expected. The odds of a multi-month correction are also very high.
Odds: Strong Bearish

Weekly
The weekly is plain simply – Three Black Crows. Bearish. Very.
While the formation is flexible and could allow a mini rally for a week or two, the direction is very likely set.
Until a week is closed above $355, every other closure would be considered bearish.
Odds: Strong Bearish

Daily
A micro rally is possible. However, until a day closes above $348, there is nothing bullish in the picture.
Odds: Neutral

Summary: If you read my previous MSFT outlook, it should be considered bullish when compared to FB.

ELLIOTT WAVES

There is a chance that FB has started a major correction, I would like to wait for a few weeks to observe how it develops. There is a possibility of a major update to the long term chart.

The short term chart is below.

Two main paths:
Blue: FB completed 5 waves down. After a 1-2-week corrective wave 2/B, the decline continues.
Green: FB completed wave alt A and is in the final wave of alt B. In a few days, it could start wave C.

No bullish counts on the chart due to very low odds.

Follow the blog in Twitter @InvestingAngles or by subscription:
https://investingangles.com/subscription/

%d bloggers like this: