$META is one of the names I'm stalking for a long-term position, but personally I don't think it is ready yet. Looking at the higher timeframe, the structure still looks corrective rather than impulsive. To me, this resembles a Grand Cycle Wave 4 that is still searching for a final low before the next major expansion can begin.
The reason I'm not rushing in is simple:
β’ The correction doesn't feel fully mature yet.
β’ Price is still trading below major resistance.
β’ The current bounce looks more like a reaction inside a correction than the start of a new impulse.
β’ Momentum has not fully reset on the higher timeframes.
One can make the argument that Wave 4 is forming an Flat. If that's the case, META may need one more sweep or retest of the $540 area before it's truly ready. That would be a classic liquidity grab where everyone becomes bearish right before the next leg higher begins.
The zone I'm watching closely is $540-$525. That's where monthly demand, structure, and retracement levels start lining up. If buyers step in aggressively there, that's where I'll become interested in building a long-term position.
My risk is very straightforward:
β’ Stop below $440
β’ Long-term target around $1,300
Could I be wrong? Absolutely.
The market doesn't owe us perfect Elliott Waves, and META could rip tomorrow without ever touching my zone. But from a probability standpoint, I would rather miss the first part of the move and wait for confirmation than force an entry while the correction still appears unfinished.
For now, I'm simply watching, letting the structure develop, and waiting for the market to prove that Wave 4 is complete before committing meaningful capital.