Meta - Poised for a retracement

Elliott Wave Analysis | Meta CMP: 590.4 | Dt - 14th Oct'24

Oct 15, 2024

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.