META Long-term OutlookWell, as promised, here is another long-term outlook for one of the tickers that will be on my coverage list. Facebook has been on a tear since it bottomed at $88.11. I did not participate in the move up as I was still learning a decent amount at that time. I did start to track it though to see if I was right or not and use it as a learning opportunity. As you see, MACD made a new high and we are in the target box for where I expected this wave ((1)) to end. We have made a new high on negative divergence indicating this move higher is coming to an end. I'm not going to give away any more details at this time but suffice to say I see confirmation signals everywhere I look. This move higher should end soon and start to move lower with the rest of the market in the beginning of the year.
This count suggests we are in cycle wave III, so to say this thing will be strong is an understatement. I imagine we should get a shallow retrace for ((2)) due to this, but until I have some action to the downside it is impossible to say for certain. A "normal" endpoint will be in the $230-$175 area, but as I said we're in a Cycle wave III.
One last thing, if we raised $268 or 305% for wave ((1)) of III, how high do you think wave ((3)) of III will go? If this continues along a "normal" extension, then it should hit $681.54 for III with a Super Cycle wave (I) top at a minimum of $743.16-$1048.32. Keep in mind, Cycle wave I took over 9 years, so this won't happen anytime soon. This also assumes the company will continue to be managed correctly. With the AI, virtual reality, and other products they are working on in their R&D, it gives me confidence they have their eye on the future.
Bonam Fortunam,
--Tyler
