Is ready for the next part for the correction. A close below support at 505 confirms a continuation down to at least 463.64, but a more likely target is at 407.25 before wave iii of C is done. My long term target for this wave 4 is at 391.03, where wave 4 will have corrected 50% of wave 3.
In my last post (http://theelliottwavesufer.blogspot.dk/2013/01/elliott-wave-analysis-of-facebook-wave.html) I said, that we would likely see a slightly new high above the ideal target at 31.28. With a new high at 32.26, that has been exactly the case, but the powerful decline from 32.26 indicates, that wave 4 is now under way. The first target for this wave 4 correction is at 29.12, but I would be very surprised if this support will be able to protect the downside. I find it much more likely that this wave 4 correction will be deeper and should at least decline to 27.18 and possibly even down to 25.61 before the final leg higher in wave 5.