FX.co ★ Elliott wave analysis of Meta Platforms for January 7, 2022

The former FaceBook has changed its name to Meta Platforms. Since the IPO in May 2012 Meta Platforms has enjoy a nice rally to a peak of 384.33 which was the peak of wave [3] and a large correction in now in play for wave [4]. The first target is seen at 218.62 but longer term we should expect wave [4] to move closer to the low of wave 4 of one lessor degree near 133.50 before taking off again in wave [5] that will peak way above the peak of wave [3].

For now our focus should be towards the downside and a multi year corrective decline towards at least 218.62 and likely even closer to 133.50 before the next impulsive rally.