Weekly - 5/11 printed outside week, but price was unable to break out week of 5/18. Instead it printed an inside week.
Daily - Printed pin bar on Friday 5/22, rejecting 81.18 resistance as well as 50ma.
I have a couple hypos - I think that if price can make it above 81.89 then it has a shot of hitting the upper descending trend line, ~82.95.
However, if price takes out Friday's low I think we could see it test Wednesday's low of 79.46, which happens to be the low of the weekly inside bar.
If it falls further, I think it could make an attempt at the 5/14 gap where it could bounce, or just keep falling to test the daily 200ma and ascending trendline.
It's taken a while to burn into my brain that puts during a bull market are not the greatest idea most of the time so I think it'd be best to see if FB takes out overhead resistance, or wait until it bounces somewhere.
Of course, there's always the chance that none of this transpires and FB does something completely different, which is probably the most likely scenario lol.
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