META is pulling back to test the upside channel support 440 level. This should hold for an extension higher in the final short-term and long-term fifth wave. The next big resistance is 524. This should be a fifth-wave extension and an invalidation will come upon a break below 460. Learn to Trade Stocks profitably.
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The 3-day META chart reveals a bounce from the channel support 450. At this point, buy positions are possible as META is still holding the medium-term support. Overall support for the upside even if it breaks below 450 is 387 and the final long-term support for a bullish trend invalidation is 360.
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As the famous trader says…
“The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless.”
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How to trade this?
It is a fact that a strong upside resistance for Q3 2024 is 523 and If we get a confirmed break above this level we could see a strong upside continuation in a fifth long-term upside Elliott Wave. Near-term, long-trade entries have a higher probability of success. Long trade entries can be placed here or a call option buying with a stop loss below 420 with a first target of 550 and if broken second target is 620. The short-trade entry can be tried in the case of a break below 380. For inquiries about account management please write to [email protected].
