BABA Bearish Minute Zigzag Emerging

January 26, 2022

By Orbex

We talked about BABA shares about a month ago. So, let’s recall that the market suggests the construction of a large bullish zigzag Ⓐ-Ⓑ-Ⓒ of the primary degree.

At the time of writing, the price is at the end of the primary correction. This correction could take the form of an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z). It seems that the intervening wave (X) was completed at the level of 183.00. And now the formation of the final actionary wave (Z) is taking place, the structure of which hints at a complex formation of a double zigzag W-X-Y.

Depreciation in the wave (Z), specifically in its last actionary wave Y in the form of a minute zigzag, is likely to reach the level of 50.59. At that price level, sub-waves (Z) and (Y) will be equal.

After the end of the primary correction Ⓑ, an impulse growth is likely above the maximum of 246.55.


Free Reports:

Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks 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 shows the formation of the primary correction wave Ⓑ has already come to an end. Thus, in the near future, we can expect the formation of the initial part of the bullish impulse Ⓒ.

Wave Ⓒ will be a simple impulse consisting of intermediate waves (1)-(2)-(3)-(4)-(5), where the first two sub-waves look completed.

The end of the 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

InvestMacro

Share
Published by
InvestMacro

Recent Posts

NZD/USD Hits Yearly Low Amid US Dollar Strength

By RoboForex Analytical Department The NZD/USD pair has experienced a significant decline, touching a low…

3 hours ago

Svalbard Global Seed Vault evokes epic imagery and controversy because of the symbolic value of seeds

By Adriana Craciun, Boston University  Two-thirds of the world’s food comes today from just nine…

3 hours ago

Trump plans to raise tariffs by 10% on goods from China and 25% on goods from Mexico and Canada

By JustMarkets At Monday’s close, the Dow Jones Index (US30) increased by 0.99%. The S&P…

3 hours ago

Nuclear rockets could travel to Mars in half the time − but designing the reactors that would power them isn’t easy

By Dan Kotlyar, Georgia Institute of Technology  NASA plans to send crewed missions to Mars…

22 hours ago

Fast fashion may seem cheap, but it’s taking a costly toll on the planet − and on millions of young customers

By Paula M. Carbone, University of Southern California  Fast fashion is everywhere – in just…

1 day ago

“Trump trades” and geopolitics are the key factors driving market activity

By JustMarkets At Friday’s close, the Dow Jones Index (US30) was up 0.97% (week-to-date +1.99%).…

1 day ago

This website uses cookies.