$META – Monthly Update – elliottwave

The above Quarterly close is a shooting star; similar to the candle at the 2021 high. IF this Quarterly candle is confirmed next Quarter, then a significant top will be in place.

The above 15D tf confirmed the bearish engulfing candle setting a very similar short-term top as in 2021. The only difference is the MACD magnitude suggests this decline should be a bit more robust than the one in 2021 – 2022.

The last similar instance saw price push sideways for 4 more periods or roughly 2 months time. The current set-up is hinting at the potential for at least 2 more periods of sideways price action or roughly 1 more month, potentially more.

The above weekly tf is trying to find support on this 50 WMA (green line). This 50 WMA offered some support during the last decline, and this is the current expectation.

While there are no indications that a bottom is in, price closing over $633.88 would give Bulls short-term momentum.

Daily tf has some bullish divergences in its favor atm. The 200 DMA is the current battleground region.

A close over $601.75 would spell relief for Bulls, but until this level is closed over, then the potential for more downside is elevated.

TA/EW

Until price eclipses $633.88, there is potential to find a lower low. The above triple correction fits the best EW count atm, but candles suggest the yellow path is just as likely.

The decline of the waves is very complex and this hints at either an ABC correction or some version of a double/triple correction; the ABC correction would align with the yellow path, the double/triple correction would suggest an all-time high is in play next.

$587.82 is the magical number for April price to close below to keep a similar bearish stance as the 2021 decline.

IF the above 2M tf closes as a bearish engulfing candle or a Dark Cloud Cover then odds of a similar decline as 2021 significantly increase.

Should April close will a bullish candle, then odds of this triple correction being complete are very elevated.

Needless to say, April is a pivotal month for META.

Short-term bullish path is above for reference.

SUMMARY

April is a pivotal week.

$587.82 is the magical number for April price to close below to keep a similar bearish stance as the 2021 decline.

IF price can close over $633.88 by month’s end, then Bulls will be in a position to keep pressing higher – potentially finding a new higher high.

A daily close over $601.75 would spell relief for Bulls, but until this level is closed over, then the potential for more downside is elevated.

I’ll likely take about 2-3 weeks for price action to carve out a bottom or create a set-up to head lower.

GLTA!