FB Awaiting Another Upleg
All of the action off of the Aug 6 high represents a high-level bullish consolidation period ahead of another upleg that should propel Facebook, Inc. (FB) to new highs projected into the 41.70-42.30 target zone.
My extreme near-term pattern work suggests that the upmove off of the Aug 6 low is the initiation of the next upleg.
The only issue for me at this point is how much to risk to stay in the trade, awaiting the thrust above near-term resistance at 38.85?
Right now, the two levels for stop placement are just under 38.00, or just under 37.70.
For the time being, I am using 38.00.