The charts suggest that META’s problems are far from over. If you bought the dip a few weeks ago and enjoyed these quick gains, it would be wise to take some profits.
The downward movement at the end of March is not a 5-wave movement. This is the main reason why I don’t think we’re finished here. The fiber levels are consistent with the hypothesis that we could be looking at a significant level here. This means that this rapid move higher is the final stage of this flat correction. META tends to beat its moving averages, so I wouldn’t be surprised if it reaches $700 even before doing so.
If we get there, I think $690-700 is a good point to get into some sell options. Maybe 2-3 months to be safe. Definitely don’t opt for a $460 strike on those deals, although that would be ridiculous. A $600-650 strike would be safer if it takes a while even if it means fewer contracts.
(Not financial advice, just my outlook on things)
Comment below. Always enjoy the discussion.
