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FX.co ★ Elliott wave analysis of Meta Platforms for September 23, 2022

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Forex Analysis:::2022-09-23T05:37:35

Elliott wave analysis of Meta Platforms for September 23, 2022

Elliott wave analysis of Meta Platforms for September 23, 2022

Meta Platforms remains under pressure, but is testing strong support in the 137 - 142 area and we can count a five-wave decline from the 384 peak. Finally, we see a clear divergence from the price in the RSI all points to a corrective bottom soon for a rally towards resistance at 235 and maybe even closer to the 50% corrective target at 263 before the next push lower.

Short-term, we need a break above minor resistance at 150 to confirm that wave [A] has completed and wave [B] is in motion towards at least 235 and maybe 263 before down again in wave [C], but for now, we should stay focused on a possible bottom-building process for a corrective rally to take over.

Analyst InstaForex
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