Home Trading BABA Primary Impulse Could End the Cycle Pattern

BABA Primary Impulse Could End the Cycle Pattern

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BABA suggests the formation of a bearish corrective trend, which takes the form of a cycle triple zigzag w-x-y-x-z.

Currently the actionary wave y and a small intervening wave x, which has the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, have ended.

Now the final actionary wave z is currently taking place. This takes the form of a primary standard zigzag Ⓐ-Ⓑ-Ⓒ, as shown in the chart.

We saw the completion of the primary wave Ⓐ in the form of an impulse (1)-(2)-(3)-(4)-(5). Also, the correction wave Ⓑ in the form of an intermediate double zigzag (W)-(X)-(Y) could come to an end. In the near future, stocks could continue to fall in the primary wave Ⓒ in the form of impulse (1)-(2)-(3)-(4)-(5) to 50.55.

At that level, primary impulse wave Ⓒ will be at 161.8% of impulse Ⓐ.

 

Another variant shows a situation in which the formation of a cycle intervening wave x continues.

The intervening wave x will likely take the form of a simple 3-wave zigzag Ⓐ-Ⓑ-Ⓒ of the primary degree.

Now the price is in the wave Ⓒ. The entire wave Ⓒ is similar to an ending diagonal of the intermediate degree. This will be confirmed when the final sub-wave (5) is formed in the form of a minor zigzag ABC, as shown in the chart.

The final of the ending diagonal should be likely near 150.14. At that level, cycle intervening wave x will be at 38.2% of actionary wave y.

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