By Orbex
The current structure of ALIBABA shares suggests the construction of a large bullish Ⓐ-Ⓑ-Ⓒ zigzag of the primary degree.
At the moment, prices are at the end of the primary correction Ⓑ. This correction has the form of an intermediate triple (W)-(X)-(Y)-(X)-(Z) zigzag. Now the formation of the final actionary wave (Z) is taking place. The structure of which hints at a complex formation of a double W-X-Y zigzag.
The decline in the final actionary wave Y is in the form of a minute double zigzag ⓦ-ⓧ-ⓨ. This is likely to reach the 51.27 area. At that price level, sub-waves (Z) and (Y) will be equal.
After the end of the primary correction Ⓑ, an impulse is possible above the end of the intermediate intervening wave (X) at 183.53.
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Let’s consider the second 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 Ⓒ.
It is assumed that the wave Ⓒ will be a simple impulse consisting of intermediate waves (1)-(2)-(3)-(4)-(5).
It is possible that prices will rise above the maximum of 273.78.
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Article by Orbex
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