Forex Trading Library

BABA End of Bullish Correction Hints at Impulse

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Chart of BABA

BABA suggests the continuation of the bearish trend. This takes the form of a cycle triple zigzag consisting of sub-waves w-x-y-x-z.

The actionary wave y and the intervening wave x have ended as double zigzags.

Wave z is now under development. It is likely to take the form of a primary zigzag Ⓐ-Ⓑ-Ⓒ.

There is a high probability that the impulse Ⓐ and correction Ⓑ have already ended. In the near future, we can expect a decline to 48.37 in the sub-wave Ⓒ. At the specified mark, wave z will be at 38.2% of wave y.

Chart of BABA

Alternatively, the construction of the intervening wave x continues. Perhaps it will take the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ. The first two zigzag which are sub-waves Ⓦ-Ⓧ look completed.

Wave Ⓨ is under development. It could take a zigzag structure of the intermediate degree (A)-(B)-(C), as shown in the chart.

The stock price could rise to 140.99. At that level, cycle intervening wave x will be at 38.2% of actionary wave y.

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