After hitting the top rail of the wedge, we are seeing a big sell off. The indexes are hitting record highs, and those pesky round numbers. The $SPX isn't quite sure what to do with 1800 right now and is wavering back and forth around it. Personally, this lack of conviction is a bearish signal to me. I think it will eventually succumb to the sellers and take the slight dip everyone wants to happen. And $FB will go with it. I am looking for it to head back down to the lower rail. Maybe hitting some support at 45.6. That would be a good spot to take some off. If it falls lower, the bottom rail would be the cover.
I didn't watch much of this last week because, quite frankly, it was boring. It didnt move much and consolidating after breaking above the top rail of the falling wedge. I think it is going to want to back-test to that rail again. If it holdsabout 519.50 with volume conviction, then it might be a good place to add some long. Otherwise, if it breaks back into the wedge, support will be broken and I would play a short via puts down to $500/ 50d sma.
All this considered is dependent on how the indexes handle these new highs. A short dip would give a good chance to get long these names at their supports.