Facebook update

Check out the model at the bottom of my previous post on FB and compare it to the action today shown below.

If you recall, the thesis was that the peak of the wedge was a 3rd, then we should get an a-b-c into a 4th and then 5 waves up that would likely not be able to create a higher high.  Today's bounce only got to the 50% fib so far.   A FB break down below the lower rail on Thursday or Friday would not be a good sign for the markets as it would likely indicate FB's real entry into the bear.

These first 5 waves up can also be 1 of 5 so if this rises to a higher high than blue 5 I would abandon any liquid short positions and let this thing burn itself out. It shouldn't take more than 2-3 days to do that if that is what it needs to do.