By Orbex
The formation of BABA shares suggests the construction of a large Ⓐ-Ⓑ-Ⓒ zigzag of the primary degree.
Apparently, at the time of writing, we are in the final part of the primary correction Ⓑ. This correction can take the form of an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z).
It seems that the growth in the intervening wave (X) has ended, and now the initial part of the final actionary wave (Z) is under construction. It can be simple in shape, like a minor zigzag A-B-C, as shown on the chart.
The end of the intermediate wave (Z) could be near 98.38. At that price level, wave (Z) will be at 61.8% of wave (Y).
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.
After the completion of the primary correction Ⓑ, market participants could expect an impulse growth above the maximum of 274.54.
According to the alternative scenario, the formation of the primary correction wave Ⓑ has already come to an end. Thus, in the last section of the chart, we see the initial part of the bullish impulse Ⓒ.
It is likely that the intermediate sub-waves (1) and (2), which belong to the primary impulse, have ended. Therefore, intermediate impulse (3) is possible near the level of 273.78.
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
- The Middle East conflict is already driving inflation higher across the world Apr 24, 2026
- Gold Falls Nearly 3.0% Over the Week Amid Geopolitical Pressure Apr 24, 2026
- The diplomatic deadlock between the US and Iran is undermining investors’ appetite for risk Apr 23, 2026
- EUR/USD Falls for Third Day as Geopolitics and Strong Dollar Dictate Terms Apr 23, 2026
- Negotiations between the US and Iran have failed. Oil prices are back above 90 dollars per barrel Apr 22, 2026
- USD/JPY Pulls Higher: Yen Doubts Bank of Japan Apr 22, 2026
- NZD and CAD strengthen amid rising inflationary pressure Apr 21, 2026
- Pound Declines Amid Geopolitics and Political Risks Apr 21, 2026
- EUR/USD Starts the Week Higher, but the Outlook Remains Unstable Apr 20, 2026
- The situation in the Strait of Hormuz remains uncertain Apr 20, 2026
