ChaldeaCode

$META Wyckoff Accumulation - Panic Selling - FACEBOOK BULLISH

Long
NASDAQ:META   Meta Platforms
Meta - Facebook

Chart resembling a Wyckoffian pattern - occurs in accumulation phase.

You can see Facebook has had a big downfall from its top in September 2021.

We can view the selling climax, preliminary support, and the secondary test - this particular pattern has a spring currently (panic selling) (breakdown of continuation).

This is NOT the last line of defense for META, it can absolutely drop down - there is huge support at $139 - which would tap the lower trend of the falling wedge (marked in light grey trendlines).


HOWEVER!!!!! -- check out the descending channel within the falling wedge - (descending channel is marked in green and highlights the Wyckoff Schematic ) and it seems to have found support at the 'spring' - bottom of the trend.
This is generally a bullish pattern.



To the left we can see a huge capitulation volume bar from February 2022 and the price as been descending all summer - selling volume is also in decline which is bullish.

This is not financial advice but this is my take on $META

Clause de non-responsabilité

Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.