Alibaba: Optimism and Path to Recovery🔄
Updated
Alibaba #BABA 
BABA
Alibaba's journey continues to be a roller coaster ride of highs and lows. Since our initial entry, we've navigated through Waves (v), (2), and Y. We acknowledge that a dip below this level would challenge our perspective, potentially signaling further downturns. Therefore, we've implemented a stop-loss just below this critical point. Should Wave (2) represent the market bottom as we anticipate, we're positioned for a significant upward surge. However, this trajectory is contingent upon the response of the Chinese market to economic conditions and the implementation of government support initiatives. If these measures come to fruition, we foresee substantial gains ahead.
However, surpassing the $77.77 threshold remains a crucial milestone; meaningful progress is not expected until this level is breached. Despite the significant percentage increase required to reach our targets, we maintain an optimistic outlook, viewing this as a long-term trade opportunity within a multi-year perspective.
BABA Alibaba's journey continues to be a roller coaster ride of highs and lows. Since our initial entry, we've navigated through Waves (v), (2), and Y. We acknowledge that a dip below this level would challenge our perspective, potentially signaling further downturns. Therefore, we've implemented a stop-loss just below this critical point. Should Wave (2) represent the market bottom as we anticipate, we're positioned for a significant upward surge. However, this trajectory is contingent upon the response of the Chinese market to economic conditions and the implementation of government support initiatives. If these measures come to fruition, we foresee substantial gains ahead.
However, surpassing the $77.77 threshold remains a crucial milestone; meaningful progress is not expected until this level is breached. Despite the significant percentage increase required to reach our targets, we maintain an optimistic outlook, viewing this as a long-term trade opportunity within a multi-year perspective.
Trade active
Alibaba #BABAThe belief in identifying promising entry opportunities for Alibaba in the coming weeks remains strong. Holding onto the position for a considerable time now, there's no seen reason to sell. After testing the level of $77.77 thrice, the anticipation is that a breakthrough will occur on a fourth attempt, should it arise. There's also a reduced expectation of revisiting the low near $66, suggesting the conclusion of Wave 2. Any deviation from this would imply a further downward movement, which is not the primary expectation. Instead, the forecast is geared towards a potent Wave (3), indicating a bullish outlook for Alibaba.
Note
Upon closer examination of our trade with the Alibaba Group, we find ourselves still hovering around our entry zone, where we've been for several months. We've been unable to break above $77.77 but haven't fallen below our currently assumed Wave (2) either. This leaves us still optimistic about holding onto Alibaba. We've now broken a potential trend line downwards; we might either get a retest next week or potentially reclaim this trend line. It's straightforward for us; we're holding onto Alibaba in the hope of achieving this turnaround because we see this stock as incredibly cheap.
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