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Facebook +27% Since Oct 9


Since last Friday's low at 18.87, Facebook, Inc. (FB) has climbed to 23.93, or +26.8%, which has propelled the stock from the lower side of its 4-month base pattern right to the top side.

My near-term pattern and momentum work are warning me to expect the current upleg to stall, digest, and perhaps correct some of the week-long gains.

While it is conceivable that FB will spend the next several trading hours and/or days consolidating above 23.00, my optimal scenario calls for a correction into the 22.00-21.60 support zone prior to the emergence of a new, equally as powerful upleg that will hurdle the Oct 24 high on the way to 27.00-28.00.

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