Facebook Inc (US: FB) upside has been ongoing strong especially after achieving two of our target price based on our report dated 7^th May. Wave analysis suggest that the larger wave ((3)) of the primary phase is still ongoing and currently only the sub-wave (1) of the intermediate phase is completed. Despite we are in a potential sub-3 wave ABC corrective wave, technical shows a strong contention of a bullish upside to complete the 2^nd leg of wave B. 

1. Bullish engulfing candle is seen rebounding away from support zone 1 and closing right above the lower Bollinger band.
2. The relative strength index is rebounding away from the oversold level and should it cross above the 40 line, there is a confirmation of the upside.

*Expected timeline of the trade is 5 weeks from the date of report issuance.

CHART LEGEND

Bollinger Bands

Standard deviation = 2

Red dotted line = Upper Bollinger Band

Blue dotted line = 20 Periods MA

Green dotted line = Lower Bollinger Band