META Elliott Wave Analysis Trading Lounge Daily ChartMeta Platforms Inc., () Daily ChartMETA Elliott Wave Technical AnalysisFUNCTION: CounterTrendMODE: CorrectiveSTRUCTURE: FlatPOSITION: Intermediate (A)DIRECTION: Pullback in Minor BDETAILS: We are showing two different counts in the Daily and 4H chart. Here we have a major top in place and we are looking for a larger correction to take place, looking for 500$ to provide resistance. META Elliott Wave Analysis Trading Lounge 4Hr Chart,Meta Platforms Inc., (META) 4Hr ChartMETA Elliott Wave Technical AnalysisFUNCTION: Counter TrendMODE: CorrectiveSTRUCTURE: FlatPOSITION: Wave B or (4).DIRECTION: Topping in wave B. DETAILS: Here we are looking at a smaller correction, we have measured wave (2) and equality of (4) and (2) stop at 450$. Looking for sideways consolidation in (4) or else we could already have a bottom in place. The Elliott Wave analysis for Meta Platforms Inc. (META) reveals a discrepancy between the daily and 4-hour chart interpretations as of May 10, 2024. Each chart provides a different perspective on the expected stock movements, catering to different trading strategies.* META Elliott Wave Technical Analysis – Daily Chart*On the daily chart, META is categorized under a counter trend with a corrective flat structure, currently in the Intermediate wave (A) phase. The focus is on a significant pullback in the Minor B wave, suggesting a broader market correction. The analysis indicates a major top already in place, with a downward trajectory expected to continue. A resistance level at $500 is anticipated, which might cap any potential upside and confirm the bearish outlook.* META Elliott Wave Technical Analysis – 4Hr Chart*The 4-hour chart presents a more micro view, still within a counter trend but focusing on the smaller corrections within the overall structure. It is in the phase of Wave B or possibly in Wave (4), with a current top formation in Wave B. The equality between Wave (2) and Wave (4) is calculated to halt at $450, suggesting a shorter corrective phase than what is noted on the daily chart.Technical Analyst: Alessio BarrettaMore By This Author:
Elliott Wave Technical Analysis: Meta Platforms Inc. – Friday, May 10
