Facebook Wave Analysis – 10 July, 2020

• Facebook reversed from key resistance level 244.50

• Likely to correct to 232.20

Facebook recently reversed down with the daily Shooting star and the inverted Hammer from the key resistance level 244.50 (former monthly high from June).

The downward reversal form the resistance level 244.50 stopped the previous medium-term impulse wave (3).

Given the overbought reading on the daily Stochastic – Facebook can be expected to correct down to the next support level 232.20.