Short term Elliott Wave View on Facebook (FB) shows the decline to August 6, 2019 low (176.29) ended wave ((W)). The rally from here took the form of a corrective structure. The internal subdivision of the rally is unfolding as an Elliott Wave double three structure. In this particular case, the rally is in the form of a double zigzag since both wave (W) and wave (Y) subdivide as a zigzag.
Up from 176.29, wave (W) ended at 190.98 with the internal subdivision as a zigzag. Wave A of (W) ended at 186.30, wave B of (W) ended at 181.22, and wave C of (W) ended at 190.98. The stock then ended wave (X) pullback at 177.39 with the internal subdivision as an expanded Flat. Wave A of (X) ended at 185.11, wave B of (X) ended at 191.38, and wave C of (X) ended at 177.39.
Wave (Y) rally is in progress with the internal subdivision as a zigzag. Up from 177.39, wave A of (Y) ended at 187.50 and wave B of (Y) ended at 182.39. Near term, while above 177.39, expect Facebook to resume higher in wave C of (Y). Potential target to the upside is 191.9 – 195.4 area, which is the 100% extension from August 6 low. From this area, the stock should then resume lower or at least pullback in 3 waves.
Facebook 1 Hour Elliott Wave Chart