FB update: one more wave up underway

In my previous updates on Facebook (FB), see here and here, I thought a larger top was struck at around $155, but I was wrong. Yes, we all are wrong till the market proofs us right; and what we then have to do is to see where we went wrong so we can get better next time. The daily chart shows the updated count and as you can see, the intermediate-iv low was moved from the early-December low to the November low.

FB daily

This adds one more wave to the (red) intermediate-v wave, which is currently underway: (green) minor-5. This wave is also subdividing and is now in (grey) minute-iii of 5. This means we should see a (shallow) minute-iv correction and then a final advance for minute-v of minor-5 to complete all of intermediate-v of major-3. Major-4 should then take price to $115-$135 based on if major-4 wants to strike the 23.6 or 38.2% retrace; respectively.

The ideal major-3 target is $170-$173, baring any unforeseen wave-extensions.

 

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