FBâ€™s Near-Term P&F Chart Work Argues for Another Upleg
Last week's break of support on Facebook, Inc. (FB) at 37.70, which triggered a full-fledged correction to a low print of 36.10, violated another important pullback low at 36.40.
However, it did not follow through on the downside, prior to yesterday's upside recovery, which my work argues locked in a completed corrective leg.
All of the action off of the P&F low print at 36.10 should be the initiation of a new upleg, the first high of which was established at 38.50.
If my work proves reasonably accurate, then after the current "minor" bout of weakness, Facebook should take off towards a retest of 39.10/30 -- on the way to 41.00+.