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META: TikTok-Induced Correction Afoot
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It looks like META has found a meaningful top as more technical signals agree a short setup has formed.
Three significant trendlines have been broken, and today a significant fib retracement level was neatly rejected as TikTok drama continues its inevitable path of escalation.
It's tempting to immediately target the gap below, but there is a POC on the 4H that is perfectly confluent with the .786 fib retracement level that I would expect to act as a strong support level temporarily.
Technicals aside, META will certainly get caught in crossfire of some sort from further regulation of social media. Social media companies will likely struggle in sympathy as the situation continues maturing.
With an extraordinarily overheated macro backdrop, and an incredibly delicate geopolitical landscape,META is liable to be put under additional pressure on its decline.
META has found a meaningful top as more technical signals agree a short setup has formed.Three significant trendlines have been broken, and today a significant fib retracement level was neatly rejected as TikTok drama continues its inevitable path of escalation.
It's tempting to immediately target the gap below, but there is a POC on the 4H that is perfectly confluent with the .786 fib retracement level that I would expect to act as a strong support level temporarily.
Technicals aside, META will certainly get caught in crossfire of some sort from further regulation of social media. Social media companies will likely struggle in sympathy as the situation continues maturing.
With an extraordinarily overheated macro backdrop, and an incredibly delicate geopolitical landscape,
META is liable to be put under additional pressure on its decline.Ghi chú
Got close to invalidating this idea; it may hold a higher degree of conviction now. All trendlines and critical fib junctures were surgically rejected. Volume has gone from contraction on the upside to expansion on the downside.Still actionable.
Đóng lệnh: dừng lỗ
This hasn't been officially invalidated yet, but it's officially a garbage trade.Closing and moving on.
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