FB, FIT update 1/4/2017

FB: May have bottomed for intermediate iv. Lots of calls coming in.

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Daily chart shows possible shorter term count. Price managed to break above the red down trend line and its 20d SMA. It now has to overcome its 50d and 200d SMA to move higher. Gap at $125.88. That’s a logical target in case we’re dealing with a b-wave instead of an impulse.

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FIT: Looks almost ready for a long term bottom, and it may well be in, but our preferred count suggests one more lower low to go. this would then set up a lot of positive divergence on the weekly causing it to launch like a rocket. Ultimate downside target:$4.40-$3.80 in that case.

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