Elliott Wave View: Facebook Impulsive Structure Looks Incomplete

Short-term Elliott wave view in Facebook (FB) suggests that the cycle from 03 August 2021 low is unfolding as a 5 waves Elliott Wave Impulse. The structure remains incomplete favoring more upside extension. Up from that low, the pair has ended the first leg in wave 1 at 365.78 high. Then wave 2 pullback ended as a irregular flat structure at 350.00 low and the stock has rallied higher again.

Up from wave 2, wave 3 remains in progress in a lesser degree 5 waves structure. Wave ((i)) of 3 finished at 370.86. Then wave ((ii)) of 3 pullback ended at 364.11 low. Wave ((iii)) of 3 rally finished at 382.76. Wave ((iv)) of 3 did a pullback and ended at 376.97. Near-term, as far as bounces remain above wave ((iv)) of 3, we are looking for a pullback to complete wave (ii) soon. Facebook should then continue higher with 3 swings more to complete wave ((v)). This would also complete wave 3 in higher degree and then we would expect a pullback in wave 4 before the stock continues higher and end the cycle from 03 August 2021. Alternatively, wave 3 could end already at the recent high 384.33. In this case, the stock can see a larger degree pullback in wave 4 to correct cycle from August 19, 2021 low. However, it would still remain bullish and should resume higher again afterwards.