Elliott Wave Analysis for Meta Platforms Inc. (META) - September 2, 2024
This detailed Elliott Wave analysis for Meta Platforms Inc. (META) as of September 2, 2024, provides valuable insights into the stock's trend direction and potential price movements. Both the daily and 1-hour charts are analyzed to help traders understand market structure and identify potential trading opportunities.
META Elliott Wave Analysis: TradingLounge Daily Chart
Meta Platforms Inc. (META) Daily Chart Analysis
META Elliott Wave Technical Analysis
- Function: Trend
- Mode: Impulsive
- Structure: Motive
- Position: Intermediate wave (5)
- Direction: Upside in wave (5)
Details: The analysis indicates a potential wave 1-2 formation within the larger Intermediate wave (5). The stock appears to be approaching the bottom of wave 2, with trading currently above the critical TradingLevel5 at $500. This area could serve as a support zone, signaling the potential beginning of wave 3 of (5). If confirmed, this would suggest a strong upward move.
META Stock Technical Analysis – Daily Chart Insight
Meta Platforms Inc. (META) is potentially forming a wave 1-2 within the Intermediate wave (5). The price action suggests that wave 2 may be nearing its completion as the stock trades above the critical TradingLevel5 at $500. This area is likely to act as a support zone, indicating the potential start of wave 3 of (5), which could lead to a strong upward move if confirmed.
META Elliott Wave Analysis: TradingLounge 1-Hour Chart
Meta Platforms Inc. (META) 1H Chart Analysis
META Stock Analysis
- Function: Trend
- Mode: Impulsive
- Structure: Motive
- Position: Minor wave 2
- Direction: Bottom in wave 2
Details: The analysis suggests that wave 2 may have found support around the $520 level, which is a bullish indicator. If the stock can establish a Classic TradingLevel above $530, it would strengthen the case for further upside, potentially resuming the uptrend in wave 3.
META Technical Analysis – 1H Chart
The 1-hour chart indicates that wave 2 might have found support around the $520 level, aligning with a bullish outlook. The price action above $520 and the potential formation of a Classic TradingLevel above $530 would reinforce the bullish scenario, suggesting a continuation of the uptrend in wave 3. This could lead to further price increases, with targets extending significantly higher.
Technical Analyst: Alessio Barretta
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
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