In the long term, BABA seems to be forming a cycle impulse, the fifth wave of which takes the form of an ending diagonal of the primary degree. We can see a part of this diagonal on the 1H timeframe.
Corrective wave ④ is under construction, which takes the form of an intermediate (A)-(B)-(C) zigzag. The intermediate impulse (C) could complete near 207.61. At that level, it will be at 61.8% of impulse (A).
Finally, the price will rise in the primary fifth wave higher than the maximum of 274.67 marked with zigzag (B).
An alternative scenario suggests the formation of a super-cycle zigzag pattern. Impulse wave (a) completed, and now we are in a bearish correction (b).
Wave (b) consists of three sub-waves (A)-(B)-(C), where the first two of them are already complete.
In the near future, an impulse price decline is likely in wave (C) to the level of 169.79. This is where the impulses (A) and (C) will be equal.
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