The formation of BABA shares suggests the construction of a large zigzag Ⓐ-Ⓑ-Ⓒ.
Apparently, the construction of the middle part of this zigzag correction Ⓑ has come to an end. It consists of three main sub-waves (A)-(B)-(C) of the intermediate degree. The final part of the intermediate impulse wave (C) took the form of an ending diagonal of the minute degree.
Most likely, we are currently at the beginning of the development of a bullish wave Ⓒ, which can take the form of a simple impulse. Its growth may end above the level of 274.86, which was marked by the correction wave (B).
An alternative scenario assumes the continuation of the development of the primary correction wave Ⓑ. It can take the form of an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z).
The actionary wave (W) is a minor double zigzag, and the second actionary wave (Y) is a triple zigzag.
In the near future, the price could rise in the intermediate intervening wave (X) to the level of 191.11, where it will be at 38.2% of wave (Y).
Then we can expect a decline in the actionary wave (Z) near 54.98. At that level, intermediate waves (Y) and (Z) will be equal.