By Orbex
The 1H timeframe of BABA suggests a primary degree zigzag ⒶⒷⒸ.
With waves Ⓐ-Ⓑ completed, we can expect to see the development of a bullish wave Ⓒ. This wave can take the form of a simple impulse or an ending diagonal.
Its upside could end above 237.10, which wave (B) registered.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
However, wave Ⓑ could continue lower in the form of a triple zigzag (W)-(X)-(Y)-(X)-(Z).
If the assumption is correct, then a slight upward move in wave (X) might occur. Following that, there should be a decline in wave (Z,) near 118.48.
At that level, correction wave Ⓑ will be at 76.4% of wave Ⓐ.
By Orbex
- EUR/USD: The Advantage Remains with the Dollar Jun 29, 2026
- Escalation of the US–Iran conflict is once again supporting the rise in oil prices Jun 29, 2026
- Oil prices fall back to pre‑war levels. Silver drops to a 7‑month low Jun 25, 2026
- Gold Falls to an Eight-Month Low: This May Not Be the Bottom Jun 25, 2026
- Stock indices came under heavy selling pressure amid growing skepticism about AI investments Jun 24, 2026
- The Pound Is Pressured Not by Politics, but by a Strong US Dollar Jun 24, 2026
- Global crude oil prices continued to decline. The AUD/USD exchange rate hit an 11‑week low Jun 23, 2026
- EUR/USD Remains Under Sellers’ Control as the Dollar Stays Strong Jun 23, 2026
- Gold Falls for the Third Consecutive Week: Is There Still Upside Potential? Jun 22, 2026
- Bank Indonesia raised its interest rate. Norges Bank and the SNB left rates unchanged Jun 19, 2026
