In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of META. We presented to members at the elliottwave-forecast. In which, the rally from 26 October 2023 low is unfolding as an impulse structure. Showing a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
META 1-Hour Elliott Wave Chart From 3.11.2024
Here’s the 1-hour Elliott wave chart from the 3/11/2024 Pre-Market update. In which, the short-term cycle from the 1/02/2024 low ended in wave (3) at $523.57 high. Down from there, the stock made a pullback in wave (4) to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave A ended at $499.35 low. Wave B bounce ended at $509.42 high and wave C managed to reach the blue box area at $485.21- $470.25. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
META Latest 1-Hour Elliott Wave Chart From 3.19.2024
This is the latest 1-hour Elliott wave Chart from the 3/19/2024 Post-Market update. In which the stock is showing a reaction higher taking place, right after ending the zigzag correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $523.57 high is still needed to confirm the next extension higher & avoid a double correction lower.
Source: https://elliottwave-forecast.com/stock-market/meta-perfectly-reacting-higher-blue-box/