META Elliott Wave Analysis Trading Lounge Daily Chart

The Elliott Wave analysis for Meta Platforms Inc. (META) reveals a discrepancy between the daily and 4-hour chart interpretations as of May 10, 2024. Each chart provides a different perspective on the expected stock movements, catering to different trading strategies.

Meta Platforms Inc. (META) Daily Chart Analysis

META Elliott Wave Technical Analysis
 
FUNCTION: CounterTrend

MODE: Corrective

STRUCTURE: Flat

POSITION: Intermediate (A)

DIRECTION: Pullback in Minor B

DETAILS: We are showing two different counts in the Daily and 4H charts. Here we have a major top in place and we are looking for a larger correction to take place, looking for 500$ to provide resistance.

On the daily chart, META is categorized under a counter-trend with a corrective flat structure, currently in the Intermediate wave (A) phase. The focus is on a significant pullback in the Minor B wave, suggesting a broader market correction. The analysis indicates a major top already in place, with a downward trajectory expected to continue. A resistance level at $500 is anticipated, which might cap any potential upside and confirm the bearish outlook.

META Elliott Wave Analysis Trading Lounge 4Hr Chart,

Meta Platforms Inc., (META) 4Hr Chart Analysis

META Elliott Wave Technical Insights

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Flat

POSITION: Wave B or (4).

DIRECTION: Topping in wave B.  

DETAILS: Here we are looking at a smaller correction, we have measured wave (2) and equality of (4) and (2) stop at 450$. Looking for sideways consolidation in (4) or else we could already have a bottom in place.

The 4-hour chart presents a more micro view, still within a counter-trend but focusing on the smaller corrections within the overall structure. It is in the phase of Wave B or possibly in Wave (4), with a current top formation in Wave B. The equality between Wave (2) and Wave (4) is calculated to halt at $450, suggesting a shorter corrective phase than what is noted on the daily chart.

Technical Analyst: Malik Awais

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

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