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Please see my last post on Facebook here first: http://theelliottwavesufer.blogspot.dk/2012/11/long-term-elliott-wave-analysis-of.html
Facebook is about to finish wave 3 and I expect it will terminate in the 29.50 - 30.50 area before a flat correction will make up wave 4. Why a flat correction because wave 2 clearly was a simple but deep zig-zag correction and due to the alternation principle a flat would make the most sense in wave 4. That said, it could also be a triangle, but at this point I find that option less likely. How deep will wave 4 go then? I expect it to go towards 28.25, where it will have retraced 23.6% of wave 3, but it would be as common if we saw a slightly deeper correction towards the 38.2% correction target at 26.45, before the last wave higher towards at least 31.48 and more likely higher towards 33.07 and maybe even 34.67.
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