FX.co ★ Elliott wave analysis of Meta Platforms for September 23, 2022

Meta Platforms remains under pressure, but is testing strong support in the 137 - 142 area and we can count a five-wave decline from the 384 peak. Finally, we see a clear divergence from the price in the RSI all points to a corrective bottom soon for a rally towards resistance at 235 and maybe even closer to the 50% corrective target at 263 before the next push lower.

Short-term, we need a break above minor resistance at 150 to confirm that wave [A] has completed and wave [B] is in motion towards at least 235 and maybe 263 before down again in wave [C], but for now, we should stay focused on a possible bottom-building process for a corrective rally to take over.