Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of META stock published in members area of the website. As our members know, META is showing incomplete bullish impulsive sequences in the cycle from the 279.39 low. Our team recommended members to avoid selling , while keep favoring the long side. Recently we got a pull back that reached our buying zone. The stock found buyers and made reaction from the blue box as expected. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.
META Elliott Wave 1 Hour Chart 01.02.2024
The stock is giving us wave (4) pull back that is unfolding as Double Three pattern. Pull back looks incomplete at the moment. The price structure shows lower low sequences from the peak, suggesting further extension down toward blue box area. We expect buyers to appear at 345.12-338.84 for further rally or 3 waves bounce at least. We don’t recommend selling Meta stock against the main bullish trend. Strategy is buying the dips at the marked extrme zone : 345.12-338.84 . Once bounce reaches 50 Fibs against the X red high , we will make long position risk free ( put SL at BE) and take partial profits. Invalidation for the long trades is break of 1.618 fib ext : 338.84
Quick reminder:
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Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable. 🚫
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META Elliott Wave 1 Hour Chart 01.10.2024
META stock found buyers at the blue box as expected and we got good reaction from there. Pull back completed at the Blue Box area as Elliott Wave Double Three Pattern. Bounce already reached and exceeded 50 fibs against the X red connector which confirms cycle from the peak is done. Consequently, any long positions from the equal legs area should be risk free by now. We count pull back completed at the 340.05 low, but would like to see break above (3) blue peak to confirm. As far as the price holds pivot at 340.05 low, we can see further strength in the stock, targeting 367.21-375.73 area.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts with target levels in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room
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Source: https://elliottwave-forecast.com/trading/meta-elliott-wave-buying-dips-blue-box/