Welcome to our latest Elliott Wave analysis for Meta Platforms Inc. (META) as of June 24, 2024. This analysis provides an in-depth look at META's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on META's market behavior.
META Elliott Wave Analysis Trading Lounge Daily Chart
Meta Platforms Inc. (META) Daily Chart Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Minor 3
Direction: Continuation in wave 3
Details: The analysis shows an extension in Minor wave 3 after encountering resistance at $500. Alternatively, there might be a sideways wave (4) yet to be completed.
META Elliott Wave Technical Analysis
In our Elliott Wave analysis of Meta Platforms Inc. (META) on June 24, 2024, we observe an impulsive trend pattern characterized by a motive structure. META is currently positioned in Minor wave 3, suggesting a continuation in the current upward trend. The recent price action has encountered resistance at the $500 level, indicating that Minor wave 3 may be extending. However, there is an alternate scenario where the market could be entering a sideways correction in wave (4). Traders should monitor the $500 resistance level closely for signs of either continuation of the uptrend or the initiation of a corrective wave (4).
META Elliott Wave Analysis Trading Lounge 4Hr Chart
Meta Platforms Inc. (META) 4Hr Chart Analysis
Elliott Wave Technical Analysis for META Stock
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {ii} of 3
Direction: Bottom in wave (c)
Details: The analysis looks for a bottom in wave (c) to resume higher as forecasted, or the count will be compromised.
META Elliott Wave Technical Analysis
On the 4-hour chart, META is following an impulsive trend mode within a motive structure, specifically in wave {ii} of 3. The current analysis suggests that wave (c) of {ii} is approaching a bottom, which could provide a foundation for resumption higher as forecasted. If this bottom is confirmed, it would align with the anticipated continuation of the uptrend. However, failure to establish a bottom in wave (c) could compromise the current wave count and suggest a potential reassessment of the bullish scenario.
Technical Analyst: Alessio Barretta
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
See Previous: Avery Dennison Corp. (AVY) Elliott Wave Technical Analysis
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