I don’t like taking FB here…yet.

First, the swing down that initiated in the last 2 sessions hasn’t reached the length of symmetric projections from other recent swings down.  Second, the overall market is poised to enter into a minor 4 wave lasting several weeks.  Now that may not start in the next week or so…but it’s coming soon enough, and I would expect so decent overall selling in tech as part of that.  Not a great time to be initiating longs in tech, OR, if you do, well, you may want to carefully watch for an expected pivot high in US equities and the start of that minor 4, and bail quick.  I’m staying very light to the long side and will be working the short side more likely to take advantage of Jan option expiration; the minor 4 is likely to run out 3 weeks into January, as the minor 2 (Sept mid to early Oct low) was about 15 days long.

The big long set up is coming after that minor 4 completes.