By Orbex
On the 1H timeframe of the BABA stock chart, we see the structure of a large Ⓐ-Ⓑ-Ⓒ zigzag.
Over the past six months, the market has been moving within the bearish correction Ⓑ. To date, it continues its development. Wave Ⓑ takes the form of a simple intermediate (A)-(B)-(C) zigzag.
A closer look at the second impulse wave (C) shows that its fifth part is similar to the ending diagonal. Since the minute fourth wave ended above the end of the minute first wave.
In the near future, the price could continue to move down in the wave ⓥ to 168.13. At that level, impulse waves (A) and (C) will be equal.
Free Reports:
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Then the bears will give way to the bulls, and the price could start to rise in the primary wave Ⓒ.
It is possible that the development of the primary correction wave Ⓑ has already come to an end.
In this view, it has the form of an intermediate double (W)-(X)-(Y) zigzag. The actionary wave (W) is a double zigzag, and the second actionary wave (Y) is a triple zigzag.
In the coming trading weeks, an upward move is likely in a new primary wave Ⓒ above the maximum of 274.10.
By Orbex
- Israel has retaliated against Iran. Investors run to safe assets Apr 19, 2024
- Gold hits record high amid growing geopolitical tensions Apr 19, 2024
- The US natural gas prices fell to a 2-month low. A drop in the technology sector on Wednesday had a negative impact on the broad market Apr 18, 2024
- Target Thursdays: Cocoa, Bitcoin and USDCHF hit targets! Apr 18, 2024
- British Pound shows signs of recovery amid favourable inflation data Apr 18, 2024
- Indices decline amid hawkish comments from the Fed. Investors are waiting for Israel’s answer Apr 17, 2024
- EURGBP: Slams into support on hot UK inflation Apr 17, 2024
- Brent crude prices dip amid concerns over global demand Apr 17, 2024
- Stock indices sell-off amid rising geopolitical tensions in the Middle East. China’s GDP grew the most in a year Apr 16, 2024
- New FXTM commodity hits all-time high! Apr 16, 2024