ALIBABA GROUP HOLDINGS LTD.: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 84.82 |
| Take Profit | 121.50, 158.50 |
| Stop Loss | 78.70 |
| Key Levels | 57.15, 69.60, 78.70, 121.50, 158.50 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 78.65 |
| Take Profit | 69.60, 57.15 |
| Stop Loss | 81.65 |
| Key Levels | 57.15, 69.60, 78.70, 121.50, 158.50 |
Growth is possible.
On the daily chart, a downward correction of the higher level ended as the wave 2, and the development of the third wave 3 started, within which the wave (1) of 3 forms. Now, the first wave of the lower level 1 of (1) of 3 has ended, a correction has formed as the second wave 2 of (1) of 3, and the third wave 3 of (1) of 3 is developing, within which the wave iii of 3 is forming. If the assumption is correct, the asset will grow to the area of 121.50–158.50. In this scenario, critical stop loss level is 78.70.
Main scenario
Long positions will become relevant above the level of 78.70 with the targets at 121.50–158.50. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 78.70 will let the asset go down to the area of 69.60–57.15.
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