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Incoming 40% correction for Facebook

On the above 10 day chart price action has rallied 500% since October 2022. It is somewhat unfortunate to see so many long ideas at the moment.

Motley Fool August 8th:

“Here's how Meta could achieve a $2 trillion valuation within three years, and if it does, investors who buy the stock today could earn a 67% return.”

Very misleading.

Why bearish?

Failed support. It is very clear to see, price action has broken through support and confirmed it as resistance. You can see this more clearly on the Log chart below.

Regular bearish divergence. Multiple oscillators now print negative divergence with price action across a 50 day period.

On the monthly chart below a hanging man candle print can be seen. Although the candle does not confirm until the end of the month there is a clear indication of buyer exhaustion. This is an important trend reversal indication.

Is it possible price action continues to rise? Sure.
Is it probable? No.

Ww

Log chart