Since Tuesday Facebook has gained almost 7%, but since I called the bottom almost to the day it has gained more than 77%.
Below you can see the long term chart of Facebook:
http://theelliottwavesufer.blogspot.dk/2012/08/facebook-monthely-close-basis-facebook.html
And here the call for the bottom almost to the day and only 0.54 points from my ideal target:
http://theelliottwavesufer.blogspot.dk/2012/09/facebook-bottom-in-place.html
This is what using Elliott wave analysis can do for you. No other analytic tool had offered anything close to this. If I'm wrong I apologise in advance, but I would like to see it.
Where do we go from here? Despite having reached the target for wave 3 I do think we will see a slightly new high above 31.38, but we should not expect much more upside before a flat correction as wave 4 sets in. This wave 4 could take us all the way down to 25.50, but it could as easily stall at 28.45 in a sideways consolidation, but time will show what shape wave 4 will take. Just remember it will only be wave 4 and wave 5 higher is still to come.
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