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:
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.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
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
- NZD/USD Hits Yearly Low Amid US Dollar Strength Nov 26, 2024
- Trump plans to raise tariffs by 10% on goods from China and 25% on goods from Mexico and Canada Nov 26, 2024
- Fast fashion may seem cheap, but it’s taking a costly toll on the planet − and on millions of young customers Nov 25, 2024
- “Trump trades” and geopolitics are the key factors driving market activity Nov 25, 2024
- EUR/USD Amid Slowing European Economy Nov 25, 2024
- COT Metals Charts: Weekly Speculator Changes led by Platinum Nov 23, 2024
- COT Bonds Charts: Speculator Bets led lower by 5-Year & 10-Year Bonds Nov 23, 2024
- COT Soft Commodities Charts: Speculator Bets led lower by Soybean Oil, Soybean Meal & Cotton Nov 23, 2024
- COT Stock Market Charts: Speculator Changes led by S&P500 & Nasdaq Minis Nov 23, 2024
- Bitcoin price is approaching 100,000. Natural gas prices rise due to declining inventories and cold weather Nov 22, 2024