By Orbex
BABA suggests the construction of a large bullish Ⓐ-Ⓑ-Ⓒ zigzag of the primary degree.
At the moment, the price is at the end of the primary correction Ⓑ. This correction can take the form of an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z). At the level of 183.53, the intervening wave (X) was complete, and now the final actionary wave (Z) is under development. Its structure hints at a complex formation of a double zigzag W-X-Y.
The decline in wave (Z) is likely to reach the level of 50.39. At that price level, sub-waves (Z) and (Y) will be equal.
After the completion of the primary correction Ⓑ, market participants will see an impulse growth significantly higher than the end of the intermediate intervening wave (X). In other words, it will be above the level of 183.53.
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Let’s consider an alternative scenario where 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 Ⓒ could be a simple impulse consisting of intermediate waves (1)-(2)-(3)-(4)-(5), as shown on the chart.
The end of the intermediate impulse (3) is possible near the level of 273.78, on the level of the intervening wave (X), which is part of the primary correction Ⓑ.
Article by Orbex
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