By Orbex
The formation of BABA shares 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 of the minute degree.
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).
Free Reports:
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
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.
An alternative scenario assumes the continuation of the development of the primary correction wave Ⓑ. It can 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.
In the near future, the price could rise in the intermediate intervening wave (X) to the level of 191.11, where it will be at 38.2% of wave (Y).
Then we can expect a decline in the actionary wave (Z) near 54.98. At that level, intermediate waves (Y) and (Z) will be equal.
Article 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
- 3 Signs of Developing U.S. Economic Slowdown Apr 19, 2024
- Israel has retaliated against Iran. Investors run to safe assets Apr 19, 2024
- Gold hits record high amid growing geopolitical tensions Apr 19, 2024
- The US natural gas prices fell to a 2-month low. A drop in the technology sector on Wednesday had a negative impact on the broad market Apr 18, 2024
- Target Thursdays: Cocoa, Bitcoin and USDCHF hit targets! Apr 18, 2024
- British Pound shows signs of recovery amid favourable inflation data Apr 18, 2024
- Indices decline amid hawkish comments from the Fed. Investors are waiting for Israel’s answer Apr 17, 2024
- EURGBP: Slams into support on hot UK inflation Apr 17, 2024
- Brent crude prices dip amid concerns over global demand Apr 17, 2024
- Stock indices sell-off amid rising geopolitical tensions in the Middle East. China’s GDP grew the most in a year Apr 16, 2024