$META FACEBOOK Falling Wedge on weekly, will it HOLD SUPPORT?
META has a falling wedge on the weekly timeframe with support at the $155-$160 Levels, these levels would be perfect for accumulating a swing trade.
Holding those support levels during this $SPY correction period is crucial for this pattern.
Losing those support levels would be bearish scenario and would invalidate this falling wedge pattern.
FACEBOOK's measured TARGET on the falling wedge lies at $226.
A possible big announcement is in the cards for META FACEBOOK if it maintains the expected levels.
SPY has had a fire rally the past month so it is not surprise that its spent the past 3 days cooling off, Jackson Hole conference is this Friday, if we don't get a bounce before, we could expect a small bounce on the day of the event as most tickers are hitting oversold territory on the smaller time frames.
Holding those support levels during this $SPY correction period is crucial for this pattern.
Losing those support levels would be bearish scenario and would invalidate this falling wedge pattern.
FACEBOOK's measured TARGET on the falling wedge lies at $226.
A possible big announcement is in the cards for META FACEBOOK if it maintains the expected levels.
SPY has had a fire rally the past month so it is not surprise that its spent the past 3 days cooling off, Jackson Hole conference is this Friday, if we don't get a bounce before, we could expect a small bounce on the day of the event as most tickers are hitting oversold territory on the smaller time frames.