FB Day chart shows price is inside the region called PRZ (Potential Reversal Zone aka the completion zone for a harmonic pattern). This particular PRZ is between 128.95 to 136.09. It seems like a large zone, right? Well, it is so I've portioned it into smaller PRZ's as shown with the red colored zones.
Due to expansion in price with some negative divergence at a PRZ, the implication is a stall or attempt to pull back into support. Below 128.53 then more important 128.05 increases the probability of testing the blue GRZ (Golden Ratio Zone aka the area between a 38.2% to 61.8% Fibonacci's). This GRZ is a gauge for directional bias, at this juncture even if price were to test the bottom of the GRZ, as long as that is able to hold price up, the bias hangs on by its fingernails for upside. The upside bias increases in strength above the GRZ. A bias shift to downside increases with a hold below the GRZ, this scenario has a dreamed of Retrace target of 113.55.
Like I said, there's expansion which is imbalance, so once balance has completed, then the probabillity of breaking outside the current PRZ 128.05 to 131.23 will increase. PRZ's are decisive regions, they are a place to see if the PRZ is a target in route to continuation targets or whether that pattern will go into Retrace Mode aka reversal. So it is a matter of where price can break and hold outside this PRZ for directional targets.
Once price can hold above 131.23, then the next red PRZ between 136.09 to 137.51 is sought for another decisive point. The ideal upside target is 145.83 but how competent sellers are for Reversal Mode will determine that scenario.
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