Since there is a lot of talk in comments about FB, I thought it would be interesting to look at the action of the first 8 days.
If you plot Fibonacci lines over the first and second day, you can see that - after the short-lived bounce on day 2 - price gapped down below the low and then tested that low as resistance multiple times over days 3-6. It then started a three day move down that culminated with price nailing the Fibonacci extension and breaking below it late today.
I offer no predictions, but it seems to be at a decisive point here. It can either form a "Beyond the Fibonacci extension" setup and move down to the $24-$25 range, or it can retake the 100EMA with the potential to make it back to the retracement zone.
Tomorrow will be interesting to watch. All in all, I'm glad I avoided the Facebook hype!
Market Recap Aug 3, 2015
1 day ago