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Posted byDimonOctober 3, 2021October 22, 2021Posted inCandles Speak, Large Cap Stocks, Long Term ForecastTags:MSFT
I’m hearing that FB is at the bottom of correction and is ready to start a rally to ATH. Well, big candles are telling another story. Whether you chose to believe or not, the candlesticks odds are bearish, and high.
There is a tiny chance that this candle is canceled by bulls in the next 3 month, but in this case it will just exaggerate the technical conditions. E.g. the price will move above BB even further – a following reversal would be even stronger.
FB closed September with a strong bearish Engulfing on a falling RSI and strong volume. At least one month of lower prices is expected. The odds of a multi-month correction are also very high.
The weekly is plain simply – Three Black Crows. Bearish. Very.
While the formation is flexible and could allow a mini rally for a week or two, the direction is very likely set.
Until a week is closed above $355, every other closure would be considered bearish.
A micro rally is possible. However, until a day closes above $348, there is nothing bullish in the picture.
Summary: If you read my previous MSFT outlook, it should be considered bullish when compared to FB.
There is a chance that FB has started a major correction, I would like to wait for a few weeks to observe how it develops. There is a possibility of a major update to the long term chart.
The short term chart is below.
Blue: FB completed 5 waves down. After a 1-2-week corrective wave 2/B, the decline continues.
Green: FB completed wave alt A and is in the final wave of alt B. In a few days, it could start wave C.
No bullish counts on the chart due to very low odds.
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Posted byDimonOctober 3, 2021October 22, 2021Posted inCandles Speak, Large Cap Stocks, Long Term ForecastTags:MSFT