Chart of the day

Where do we stand fundamentally?

EPS for META is down in the first quarter of 2024 from 2023 from 5.3 to 4.71 indicating a slowdown of revenues that could continue throughout the year.

META reached 523 and it is reversing down from it. This could be a strong reversal down from the fifth long-term upside wave. A break below strong support 410 will confirm the end of five waves and I am expecting a test of it.

We are seeing an ongoing test of 475 which is failing and a downside continuation now has an open space. The first target of the downside is channel support 402.

_{Look for the short trade entries with a stop loss above 500. I see this as an ending consolidation before a bigger correction within the channel.}