BABA suggests the continuation of the bearish trend, which 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 been completed, they are double zigzags.
Wave z may be under development. It is likely to take the form of a primary zigzag â’¶-â’·-â’¸.
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There is a high probability that the impulse â’¶ and correction â’· have already been fully completed. In the near future, we can expect a decline to 48.37 in the sub-wave â’¸. At the specified mark, wave z will be at 38.2% of wave y.
Alternatively, the construction of the intervening wave x continues. Perhaps it will take the form of a primary double zigzag â“Œ-â“-â“Ž. The first two parts, that is, the zigzag sub-waves â“Œ-â“, look finished.
Wave â“Ž is under development. It may take a zigzag structure of the intermediate degree (A)-(B)-(C), as shown in the chart.
The stock price may rise to 140.99. At that level, cycle intervening wave x will be at 38.2% of actionary wave y.
