Facebook - 47.50 price target

I'm putting a 47.50 price target on FB which is about 25% higher than it's current trading level of 38.20. There is an Inverse Head & Shoulder Pattern (or cup and handle pattern if you want to look at it that way) whose breakout projects to that level. It is also the 1.618 fib extension of wave 1 or A.

Chart: