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

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Forex Analysis:::2022-01-07T06:56:21

Elliott wave analysis of Meta Platforms for January 7, 2022

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.

Analyst InstaForex
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