Facebook Wave Analysis – 5 June, 2020

• Facebook reversed from support area

• Likely to rise to 240.00

Facebook recently reversed up from the support area lying between the major support level 223.80 (former multi-month resistance from January) and the 38.2% Fibonacci correction of the previous upward impulse 5 from the middle of May.

The upward reversal from this support area started the active medium-term impulse sequence (5).

Facebook is likely to rise further toward the next resistance level 240.00 (top of the previous impulse wave (3)).