$META Wyckoff Accumulation - Panic Selling - FACEBOOK BULLISH
Meta - Facebook
Chart resembling a Wyckoffian pattern - occurs in accumulation phase.
You can see Facebook has had a big downfall from its top in September 2021.
We can view the selling climax, preliminary support, and the secondary test - this particular pattern has a spring currently (panic selling) (breakdown of continuation).
This is NOT the last line of defense for META, it can absolutely drop down - there is huge support at $139 - which would tap the lower trend of the falling wedge (marked in light grey trendlines).
HOWEVER!!!!! -- check out the descending channel within the falling wedge - (descending channel is marked in green and highlights the Wyckoff Schematic ) and it seems to have found support at the 'spring' - bottom of the trend.
This is generally a bullish pattern.
To the left we can see a huge capitulation volume bar from February 2022 and the price as been descending all summer - selling volume is also in decline which is bullish.
This is not financial advice but this is my take on
META
Chart resembling a Wyckoffian pattern - occurs in accumulation phase.
You can see Facebook has had a big downfall from its top in September 2021.
We can view the selling climax, preliminary support, and the secondary test - this particular pattern has a spring currently (panic selling) (breakdown of continuation).
This is NOT the last line of defense for META, it can absolutely drop down - there is huge support at $139 - which would tap the lower trend of the falling wedge (marked in light grey trendlines).
HOWEVER!!!!! -- check out the descending channel within the falling wedge - (descending channel is marked in green and highlights the Wyckoff Schematic ) and it seems to have found support at the 'spring' - bottom of the trend.
This is generally a bullish pattern.
To the left we can see a huge capitulation volume bar from February 2022 and the price as been descending all summer - selling volume is also in decline which is bullish.
This is not financial advice but this is my take on
META
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