FX.co ★ Elliott wave analysis of Meta Platforms for February 17, 2022

Meta Platforms (the former FaceBook) broke through the long-term support line, which has controlled the rally since September 2012 this clearly confirms our preferred count. It shows that wave [3] peaked at 384 and wave [4] now is in motion.

The Elliott Wave Principle talks of "Alternation" and most often this is used when referring to waves 2 and 4. Wave 2 is a deep zig-zag correction as it is the case for Meta Platforms, then wave 4 should be complex and more sideways moving. We haven't seen that yet, but Meta Platforms could easily move a little closer to the 50% corrective target and then see a rally towards 306 and start forming a triangle. It may move higher in some kind of flat correction. Only time will show. For now, we should stay focused for a continuation a little closer to the 50% target near 201 before a more substantial recovery. It's safe to say that the best part of the decline from 384 now is behind us and the next major move is towards the upside.