FB – Facebook (Last:26.60)

During yesterday’s weekly tutorial session for Hidden Pivot grads, we found the corrective pattern in the accompanying chart most compelling, with single-bar coordinates at all three ends and a dandy, non-sausage-y point B low.  The 24.71 target is a place where we could contemplate bottom-fish aggressively, but it will also become our minimum downside objective if the stock cannot muster an impulsive breakout above the red line.  My hunch is that the stock’s a goner here and that the implied 8% fall will commence in earnest unless a powerful rally in the broad averages pulls it the other way. Even then, only an impulsive move on the daily chart should be regarded as strong enough to negate the downward pull of the 24.71 pivot.