Meta - No change, expected pattern is playing out. Short term correction lies ahead

Elliott Wave Analysis | Meta CMP: 578 | Dt - 29th Oct'24

Oct 29, 2024

Tl;dr - Our EW count for Meta is still on track. Per which, Meta, which had an extended Wave 3 impulse, is close to its Wave 5 termination. It appears an Ending Diagonal is playing out in Wave 5 and it should be followed by an A-B-C decline. It seems Meta Earnings or US Elections may end up being the catalyst.

Simple speak

A short term correction lies ahead for Meta. It should see the prices drop to $410 - $300 over the next few months. Expect the news and the narrative to become negative
Once this retracement is complete, it should see a dramatic rise as it will start its Wave 3 advance.
It seems the Ending Diagonal pattern is headed for a climax around Earnings or US Elections. There is a possibility that one of these events pushes the higher and stock out of the channel, before it falls dramatically.

Chart speak

Detailed analysis from the previous week below

Previous update - 14th Oct’24

Tl;dr - Meta, which had an extended Wave 3 impulse, is close to its Wave 5 termination. It appears an Ending Diagonal is playing out in Wave 5 and it should be followed by an A-B-C decline.

Key Highlights - EW Analysis by AlgoChirp

Wave 5 of an impluse that started in Sept 23 is close to its termination.
Target 1 & 2 for this 5th Wave are highlighted in the charts below
Wave 5 appears to be forming an Ending Diagonal. Internal count for this Diagonal are not super clear but it still seems like a high probability setup.
The sluggish nature of price movement is typical of a Wave 5 advance.
Alternate count - At this pt there is no strong alternate wave count. If RSI breaks the weekly trendline convincingly then we will need to relook at this count.