In this post I wondered if FB would begin to crash into a 3rd wave down based on my wave count. Today we saw the shares move down a strong 3.25% while the Dow, S+P and NASDAQ were all essentially flat in percentage terms. I'll say again that I think FB is a useless company at this point with a very, very uncertain future. I think the shares will collapse over the next 2 years and it might even BK if Zuckerberg keeps buying too many more "growth" companies which have no profit generation potential for at least 3-5 years.
It's not just FB. ALL social media companies are in for a massive collapse. Facebook is just the poster child for them. Twitter is even weaker having collapsed from $75 in late December to only $44 today. The simple fact is that neither of these companies produce anything of any economic value. They are basically toys for a distracted workforce which will become less distracted and much more focused as deflation settles into the economy in a harsh, hurtful way.
FB can still get another bounce as shown into the end of April so be careful not to go all in shorting it yet. But sooner or later it will look like TWTR because they are both useless social media companies. I hope and pray for a bounce to the upper rail @$65 as show. I will then buy Jan 2015 $50 puts for a song and make serious bank on the collapse of this ridiculous joke stock.
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