Please see my last post here first: http://theelliottwavesufer.blogspot.dk/2013/03/elliott-wave-analysis-of-facebook.html
It seems like we we finally saw the bottom of wave 4 with yesterdays low at 24.72 slightly below my long term target at 25.60. If we have seen the bottom we will soon see a break out of the Falling channel towards the upside and more importantly we will see a break above 28.58. It might only be a minor break before a downside reactions sets in, but it will send us an important message, which is that wave 4 is done and wave 5 higher towards the possible extended wave 5 target at 40.35 is developing.
The only real demand we have for this wave 4 is, that is doesn't break into the territory of wave 1, which means a break below 23.37 as that would invalidate my bullish Count and indicate, that the rally since the 17.55 only has been a correction.
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