META on Thin Ice: Warning Signs Point to Impending Downfall

META is rejected from a strong upside extension resistance 520. If we get a breakout above this resistance we could see an extension higher and a test of 600. It will mean that the fifth long-term Elliott Wave is still in process. An extension of the reversal below 470 will open a strong pullback and a test of the most important support 390.  Learn to Trade stocks profitably.

Meta monthly chart

How to trade this?

 

It is a fact that a strong upside resistance for Q3 2024 is 520. If we get a confirmed break here we could see a strong upside continuation and new highs. Near-term, short-trade entries have a higher probability of success. Long trade entries are possible only on a confirmed price-action break above 520. You can try a short trade here with a stop loss above 510 or upon a break below 470. This trade entry has a better Risk to reward and is being confirmed by a rising traded volume. For inquiries about account management please write to [email protected].

META trading strategy

 

 


OPTIONS TRADING COURSE

The Weekly Meta chart reveals an addition to the previously mentioned, medium-term five waves and a fifth of the fifth wave long-term with an indicated strong downside resistance of 470 which is likely to be broken soon. As the long-term charts imply, at this point look only for the short trade entries or buying put options against the 510 level. We will need to see a big break above 510 to see an extension higher which is now a much lower probability, so we have probably seen a long-term top for META and finished five waves higher.

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META weekly chart

 

JOIN TRADING COMMUNITY

 

 

As the famous trader says…

 “I have been trading for decades and I am still standing. I have seen a lot of traders come and go. They have a system or a program that works in some specific environments and fails in others. In contrast, my strategy is dynamic and ever-evolving. I constantly learn and change. 

Thomas Busby

How to trade this?

 

It is a fact that a strong upside resistance for Q3 2024 is 520. If we get a confirmed break here we could see a strong upside continuation and new highs. Near-term, short-trade entries have a higher probability of success. Long trade entries are possible only on a confirmed price-action break above 520. You can try a short trade here with a stop loss above 510 or upon a break below 470. This trade entry has a better Risk to reward and is being confirmed by a rising traded volume. For inquiries about account management please write to [email protected].

META trading strategy

 

 


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