FB, Z, update 07/11

FB: is price for major-3 extending? Due to today’s new ATH closing high it appears to be the case. I’ve re-assessed the count since the intermediate-iv low and found that one wave may have been missing. With continued strength tomorrow, this count will be operational and major-3 should then be in the high-$160, low-$170s. Yes, I was wrong before, but that’s what we then have to do: re-assess. Where did it go wrong and does the forecast improve when adjusting and help better explain current price action. In both cases the answer is yes 🙂



Z: Intermediate-iv could have bottomed today. Price is now in the ideal wave 4 target zone: 23.6-38.2% retrace of all of prior intermediate-iii wave, and very close to finding support at the 50d SMA. The RSI5 is oversold, but no confirmed buy signals yet. Higher prices tomorrow will give buy signals. A break above the red downtrend arrow will confirm the low is in. It is now at $48 and dropping ~25c/day. Hence, a few more days of patience is required to ensure one is on the right side of the trade. That’s where the money is 🙂

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