$FB Day chart shows price is testing the extreme of a harmonic PRZ 136.29 o 137.18. PRZ aka Potential Reversal Zone is the zone for a completion of a harmonic pattern and discloses a region for decision between buyers and sellers.
The bias is to the upside but with negative divergence defined by momentum indicator, I like RSI, so this raises a caution flag and reinforces the scenario of Decision Mode. The initial levels to break and hold are above 136.29 but more important above 137.18 or below 133.67.
An upside break has an ideal extended harmonic PRZ at 146.10, this calls price to it then behaves like a ceiling or very important resistsance. Again, remember PRZ's are decisive regions.
A downside break is in Pullback Mode until proven otherwise, this means that the upside bias is not at risk until can hold below initially the 133.67 but more important below 129.06 area. Note the T1 green levels are considered Targets for retracement of the harmonic pattern and below T2 122.43, highly increases the probability of shifting the bias to downside with 113.55 as another very important support test.
Here's a case in point about those T1 and T2 target regions, I call them GRZ for Golden Ratio Zone, this represents the area between 38.2% and 61.8% Fibonacci's. The hour chart shows a Crab pattern went into Retrace Mode and tested both T1 and T2. Here's the thing, both PRZ's and GRZ's offer initial directional targets dependent on where price can hold beyond those zones. Currently price is attempting to hold above it as well as a close above a trendline and momo confirmation. Keep an eye on that 135.17 support test, as long as can hold above there with conviction then the probability is to retest upper targets.
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