FaceBook the social giant which has widened its business, its revenue, its presence, its acquisitions, its likes etc aggressively over the years.
Facebook Daily chart:
On day one at closing bell, shares were valued at $38.23, only $0.23 above the IPO price and down $3.82 from the opening bell value.After seeing failure of many social networking sites like Orkut, Hi5 many doubted the success of Facebook IPO but it proved everyone wrong!
As per Elliot Wave perspective, Facebook completed primary wave III at 72 levels and since then moving lower in wave IV. Internal structure of primary wave IV suggests that intermediate wave A completed at 54 levels and now stock is moving higher in wave B. There is higher probability that wave IV is forming complex correction pattern (A-B-C). After completion of intermediate wave B, prices should move lower in wave C.
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