Meta has seen a strong recovery recently, but barely retested February highs around 740, from where we can see some nice pullback, but it appears corrective, since it’s unfolding in three waves, and forming a potential bull flag — likely wave 4. A breakout above the downward channel on a daily close could signal the start of wave 5 and a push to new highs.
However, keep a close eye on the 666.1; a break below this level would invalidate the bullish view and suggest a deeper consolidation phase may follow.
Highlights:
Direction: Up (pending breakout)
Structure: Wave 4 bull flag; wave 5 possible soon
Support: 680 / 690
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