FB, X update 3/29

FB: Let’s take a big picture look at FB. The weekly chart shows price in intermediate v of major 3 running towards the upper dotted black trendline, where it got rejected last week. Intermediate iv found support where it had to (green support zone) and at the 23.6% retrace.

We expect price to grind along that trendline for the next few weeks towards the $145-$150 area for a major 3 peak. Assuming price will behave as it did before, then we expect price to drop to the lower dotted, black trendline for major 4, after which major 5 will take hold, to complete Primary I. This scenario is in line with our general POV of the market.

fb weekly

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X: Bottomed a few days ago right where it had to. The 38.2% retrace of all of major 3, and therewith signalling major 4 should be in. We have a nice c=a relationship for the (red) intermediate and (green) minor waves, support the case major 4 should be complete. In addition, it found support right at the intermediate iv low, which is typical for 4th waves to do.

The TIs are starting to point back up, but price needs to get back above the 50d and 20d SMA ti really signal major 5 is underway.

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