The short-term view of the Elliott Wave in META suggests that the rally from the 25/07/2024 low continues as an impulsive structure. Up from the low on 7/25/2024, wave (1) ended at 544.23. The wave (2) pullback ended at 495.51 as shown on the one-hour chart below. Since then, the company’s shares have risen in a wave ((3)) as a result of the impulse. Wave 1 of (3) ended at 527.94 and the wave 2 pullback (3) ended at 517.11. Shares rise again in wave 3 (3) towards 583.04, with wave 4 ((3)) ending at 566.4. The last wave 5 ended at 602.95, which ended wave (3).
META 60-minute Elliott wave chart
Wave (4) pullback is currently underway as a Double Three Elliott Wave type structure. Down from wave 93), wave W ended at 581.61 and wave X’s upside ended at 592.18. Expect the Y wave to extend lower towards the 100% – 161.8% extension of the Fibonacci W wave. This area reaches 557.7 – 579.8 where the Y wave from (4) should end. From this area, the stock should return to growth or at least rise in 3 waves. In the near term, while the trade low at 495.51 remains unchanged, expect a pullback to find support at 3, 7 or 11 swings for further upside.
