BABA End of Bullish Correction Hints at Impulse


Diagram of BABA

BABA suggests the continuation of the bearish trend. This takes the form of a triple zigzag cycle consisting of sub-waves wxyxz.

NFP February 3, 2023

The action wave y and the intermediate wave x ended as double zigzags.

Wave z is now developing. It probably takes the form of a primary zigzag Ⓐ-Ⓑ-Ⓒ.

There is a high probability that the impulse Ⓐ and correction Ⓑ has 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.

Diagram of BABA

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

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

The share price could rise to 140.99. At that level, cycle average wave x will be at 38.2% of action wave y.

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