FB: New Regulations that could eat into FB's advertising income
caused FB to dropped 8% on Friday. Coming on the heel of reaching wave 5 top, there could be a deeper correction coming. How confident are we that wave 5 top is in? Currently, FB is higher than the 2.618 extension of wave 1 and higher than 1.618 of wave 3 extension. So it is fair to say that FB has exceeded expectations based on EW and Fibonacci.Typically corrections after wave 5 can reach 0.618. The three targets based on FB and existing supports are shown.
