Chart of the day

META is reaching the key upside support of 277. A bounce here is needed for an upside continuation as I see this as consolidation for an upside continuation.

I see this still as a fourth-wave pullback as long as we do not have a confirmed break below 250 as this is the second critical support. The critical medium-term and Q4 20203 resistance upside is 305 and a confirmed break above it is required to confirm that we are in the fifth wave actually.

Long trades are favored to be opened here with a stop loss below 270 for the start. I prefer the long trade entries and building a buying position at this stage as I see an ongoing price action to continue higher after this support test. However, I would be careful if invalidation would come but the support zone is wide. Short trade entries could come only upon a confirmed break below 250. You can trade the options as well