27 Sep

BABA Will Primary Wave Ⓒ Be Bullish?

September 27, 2021

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).

BABA

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.





Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter




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.

Orbex-LogoArticle by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com


investmacro products link




Financial News Stock Market News