FB has retraced 38.2% of its earnings gap-down last week. Today's daily price bar opened up above the 38.2% level which stopped it dead in its tracks, with the stock reversing back down below that level (186.45). Last week's price low was 164.30. My stop is a move back above 186.45, my target is a test of that low. This is neither a system trade nor a Wave 5 trade, it's my sense that FB is not through going down and the risk:reward profile is excellent.
