By Orbex
The current BABA structure suggests the construction of a large zigzag Ⓐ-Ⓑ-Ⓒ.
Apparently, the construction of the middle part of this zigzag, correction Ⓑ has come to an end. It consists of three main sub-waves (A)-(B)-(C) of the intermediate degree. The final part of the intermediate impulse wave (C) took the form of an ending diagonal.
Most likely, we are currently at the beginning of the development of a bullish wave Ⓒ, which can take the form of a simple impulse. Its growth may end above the level of 274.86, which was marked by the correction wave (B).
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However, the development of the primary correction wave Ⓑ could continue. It may take the form of an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z).
The actionary wave (W) is a minor double zigzag, and the second actionary wave (Y) is a triple zigzag.
If our assumption is correct, then in the coming week, the price could continue declining in the actionary intermediate wave (Z) to the level of 118.48, at which, primary correction Ⓑ will be at 76.4% of wave Ⓐ.
And only after the full completion of this correction the price could rise to 274.37.
Article by Orbex
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