The current Alibaba structure shows a 5-wave impulse.
The final leg of a cycle consists of intermediate sub-waves ①-②-③-④-⑤.
Intermediate wave (5) will complete the primary impulse wave ③ near 357.99.
At that level, wave ③ will be at 261.8% of primary wave ①.
When wave ③ is completed, the price could decline in corrective wave ④.
Finally, the price is expected to rise in wave ⑤.
Another scenario shows impulse wave ③ is complete.
Currently, the formation of the initial part of the corrective wave ④ is in formation.
Wave ④ is expected to take the form of an extended horizontal correction, consisting of an intermediate (A)-(B)-(C)-(D)-(E) triangle.
At that level, wave ④ will be at 38.2% of impulse ③.