META continues to trade beneath the descending trendline, maintaining its broader corrective structure. Price has not yet bounced into the 0.5 to 0.618 retracement region. Instead, that zone is the area I am watching for a potential wave 2 bounce.
The ideal scenario would be a relief rally into that Fibonacci confluence, aligning with a rejection from the descending trendline. If price reacts there and shows weakness, it would reinforce the idea that a larger wave 3 to the downside is developing.
The key invalidation level remains near 663. A sustained break above that area would weaken the immediate bearish count and require a reassessment.
If the wave 2 bounce forms as expected and gets rejected, the next impulsive leg lower could target the 1.618 extension near the 577 region, with interim support around 600.
For now, the focus is not on a completed bounce, but on whether price can rally into resistance and confirm rejection. Structure at that zone will determine the next directional move.
The ideal scenario would be a relief rally into that Fibonacci confluence, aligning with a rejection from the descending trendline. If price reacts there and shows weakness, it would reinforce the idea that a larger wave 3 to the downside is developing.
The key invalidation level remains near 663. A sustained break above that area would weaken the immediate bearish count and require a reassessment.
If the wave 2 bounce forms as expected and gets rejected, the next impulsive leg lower could target the 1.618 extension near the 577 region, with interim support around 600.
For now, the focus is not on a completed bounce, but on whether price can rally into resistance and confirm rejection. Structure at that zone will determine the next directional move.
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Publicaciones relacionadas
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.