8 Aug 2020 ● 01:54 PM
To get the right view on tech stocks you will need to be blind about the Elliott Wave set up and move forward else you will always get stuck the the US market is too high tech stocks are too expensive narrative in a liquidity driven world market. So take this. The chart of FB shows a 5 wave advance that ended in 2018 and yes that should have been an important top and it was for a while. So I was bearish on it too and it had a 5 wave decline. But the 5 wave decline can be wave C of a correction after the end of wave 5 up. So now we are at a new all time high. This should mean that this is a new trend altogether. Consider marking it 1-2-3 and your life will change. How far can you think this is wave B at a new high of an expanded flat? Up to 138.2% of the decline, and now we are at almost 161.8% at 282. After that you are out of bullets on being bearish FB, it is in wave 3 up and 3=1 goes to above 360a as a minimum given that wave 3 of this new move does not extend.