Facebook is falling hard after having failed by a whopping $3 to achieve a long-term rally target at 62.36. This is the most bearish price action we’ve seen in the stock in a long while, and if the selling were to continue without a significant upward correction this week, we could be looking at a fall to 47.82 over the near term.  That would equate to a 20% correction from the all-time high — one that is probably long overdue.  Although the stock looks like a short from these levels, I’d be an aggressive buyer at the target, if only because there is always the possibility Facebook will stumble onto a new paradigm for monetizing all those eyeballs. Keep in mind that the data they are already gathering on subscribers is widely viewed as the best in the business — valuable because it is enriched with detailed personal information supplied by users themselves. Personally, I find little value in Facebook and only rarely check my account. But others I know practically live on the site. It may be dying with young people, but there are still many hundreds of millions of subscribers left to be reached and marketed to. _______ UPDATE (10:03 a.m. EST): The crime syndicate whose turf includes this stock showed us who’s boss this morning with a spectacular $9 short-squeeze to a so-far high of 62.30.  The (temporary) bad news  for them is that the rally has stalled just 0.06 from an important Hidden Pivot target at 62.36 (derived, quite clearly on the hourly chart, from these coordinates: A=36.02 (8/15); B=54.83 (1o/18); C=43.55 (11/26).