FX.co ★ Elliott wave analysis of Meta Platforms for May 23, 2023

Meta Platforms is close to completing its wave [B] correction and giving away for renewed downside pressure in wave [C]. That said, wave [B] could move closer to the ideal target at 271 before turning lower. However, wave v of C is clearly at the final stages. So, with a break below support at 229.85, we confirm that wave [B] has been completed and wave [C] to below 88.11 is in progress.

Hence, be prepared as the rally in wave [B] is nearing its final peak.