Facebook is in 3rd wave freefall.

As modeled in this post, FB continues to plunge.  Look at how wave 1 broke back into the ending diagonal but did not have the power to break through the lower support rail.  Then wave 2 up as expected gave wave 3 down a running start to absolutely crush that support level.  Now it has reached a lower low than wave 1 so I think wave 3 down is now fully confirmed.  Expect it to be very painful to longs who bought into the social media Ponzi.

Before this collapse is over I expect FB to trade at $20 or less and if Zuckerberg doesn't start conserving cash immediately he might even BK this worthless, zero economic value add POS of a company.