At this morning's 6-month corrective low of 23.32, Facebook, Inc. (FB) relinquished 62% of its entire advance from the Sept 4, 2012, low at 17.55 to the Jan 28, 2013, high at 32.50, which is about as extreme a correction a stock can have without retracing the entire prior advance.
In other words, FB has pressed into a price zone around 23.25 where we should be looking for a potentially significant technical-reversal signal.
That said, however, let's notice that the corrective channel off of the Jan. 2013 high at 32.50 will fully test the lower channel boundaries closer to 22.50, while the equidistant downside swing target of the two major corrective downlegs since Jan point to 21.50/25 prior to an expected sustainable new upleg.
Right now, my pattern and momentum work confirm one another, which usually means that the price structure has unfinished business to the downside prior to eliciting a technical reversal signal.
Bottom line: While FB could bounce to 24.20/80 at any moment, my work argues that it will have to roll over into another decline towards 22.00-21.50 prior to putting in a significant, sustainable low.