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.
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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
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