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:
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.
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
By RoboForex Analytical Department EURUSD remains poised around 1.0878 as markets brace for the outcome…
By JustMarkets On Friday, the Dow Jones (US30) rose 0.69% (for the week -0.50%). The…
By ForexTime Markets predict Trump win; polls say race too close to call Trump win:…
By RoboForex Analytical Department Brent crude oil prices climbed above 74 USD per barrel following…
By InvestMacro Here are the latest charts and statistics for the Commitment of Traders (COT)…
By InvestMacro The latest update for the weekly Commitment of Traders (COT) report was released…
This website uses cookies.