Forex Trading Library

ALIBABA Ending Diagonal Completion Pushes Higher

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The chart shows the structure of the cycle wave V, which takes the form of an ending diagonal.

Currently, the final primary fifth wave is under development and is likely to take the form of an intermediate zigzag.

In the near future, the intermediate impulse wave (A) is likely to end. After a slight pullback in the correction wave (B), the price could rise in the final impulse (C) above 318.79.

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An alternative scenario is that only the first three parts of the ending diagonal are complete.

The primary fourth wave is still in progress and takes the form of a standard (A)-(B)-(C) zigzag.

Bullish correction wave (B) has recently completed, so we could see a decline in prices in the impulse wave (C) soon to 211.54.

This is the previous low, which was formed by the intermediate wave (A), then the development of the wave ⑤ is expected.

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