META: Potential Early Bearish C Entry on ABCD Pattern
META is showing heavy amounts of MACD Hidden Bearish Divergence and is Extremely Overbought on the PPO after making a 0.786 Fibonacci Retrace of the 2021 Highs and now it is potentially looking to end the BC Wave and begin a CD Wave, which would take it all the way down to the 1.272 Fibonacci Extension located at the $23.56 level.
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Shorting Meta or even buying puts on META right now is pretty expensive, so instead of shorting it directly, I will be buying puts on the XLC, which holds over a 25% weighting of META:
