FX.co ★ Elliott wave analysis of Meta Platforms for October 13, 2022

We have been tracking Meta Platforms lower for months now. From our count, we can see that we can reckon a five-wave decline from 384 and two sub-counts of five waves indicating, that the potential decline should be very limited from here. A nice, but corrective bounce higher towards at least 225 and possibly even closer to the 50% corrective target at 255 should be expected soon.

In the short term, a break above minor resistance at 136.10 will be the first good indication that a low is in place, while a break above 142.50 will confirm the low for the expected corrective rally towards 225 and possibly even higher.