Can Alibaba double from here?
The Chinese MNC had displayed its last big impulse move in Oct.2022.In this move(labeled wave 1) the Chinese giant gained 106% between Oct.2022 till Jan.2023.
Between Jan.2023 to May 2023 the stock got into wave 2 correction and corrected 61.8% of the wave 1 rally(the correction was an Elliot wave zigzag).
The stock displayed a bit of strength again on the completion of the Zigzag and managed to get a leading diagonal as the first leg of the bigger Third wave that is now anticipated of the stock.
The stock currently is at 80%retracement of the leading diagonal and 77.77$ level is a crucial support for the stock. The current corrective phase seems to lack one tiny leg to the downside(wave c of Z) and as soon as that is achieved the stock should only look North then from here all the way till 160$ mark.
Note*- The chart is based on personal observations/opinions. Kindly do your own research before taking up any trade.
Between Jan.2023 to May 2023 the stock got into wave 2 correction and corrected 61.8% of the wave 1 rally(the correction was an Elliot wave zigzag).
The stock displayed a bit of strength again on the completion of the Zigzag and managed to get a leading diagonal as the first leg of the bigger Third wave that is now anticipated of the stock.
The stock currently is at 80%retracement of the leading diagonal and 77.77$ level is a crucial support for the stock. The current corrective phase seems to lack one tiny leg to the downside(wave c of Z) and as soon as that is achieved the stock should only look North then from here all the way till 160$ mark.
Note*- The chart is based on personal observations/opinions. Kindly do your own research before taking up any trade.
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