$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