This is the long term Master Of Charts analysis of Facebook’s 5 Year chart since the IPO:
Best case scenario on the 5 year chart of FB: The first wave or W1 was from 0 to 72, W2 or wave 2 was the corrective wave from 72 to 55, and we’ve entered a 3rd wave. Target would be 1.618 X 72 or the length of W1, which would target as high as 160-170 in a Wave 3 if it travels the standard golden ratio move of 1.618.
Worst case scenario on the 5 year chart of FB: We’re in the 5th wave or W5 up. Highest target if .618 X W1 + W3 would target and cap out to as high as 120-125, close to where we are now, top out and drop back to the previous 4 in the 60-70 range. That would be 1-2-3-4-5 up into a deep corrective Wave 2 zigzag.
Where I’m leaning: Since I believe NASDAQ has entered a long term 3 of 3, the highest target of 160-170 I’m giving a 75%-80% chance.