Since our previous update on June 10, Meta has followed the expected corrective path, and after the latest rebound from the 530 area, the running triangle scenario has become the more likely structure at this stage. Check it HERE
The current Elliott Wave count suggests that the triangle may already have completed all required A-B-C-D-E legs, meaning the stock could be approaching a significant breakout phase. A decisive move above the upper triangle trendline and the 744 bullish confirmation level would strengthen the case that wave E is complete and that a new impulsive advance toward all-time highs is underway.
However, we should remain aware of an alternative scenario where Meta is still developing wave D. In that case, another wave E slowdown could occur, potentially bringing price lower to fill the newly opened/unfilled GAP before the next major rally begins.
Overall, the bigger picture remains constructive as long as key support levels hold. The 650–550 area remains the important short-term support zone, while a breakout above resistance could mark the beginning of the next bullish phase.
Highlights
- Running triangle may be nearing completion.
- Break above the upper triangle line and 744 would confirm bullish continuation.
- Short-term support remains in the 650–550 area.
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