Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of BABA stock, published in members area of the website. As our members know, BABA has been reacting nicely from blue box areas. Recently the stock found buyers, after completing Elliott Wave Zig Zag Pattern. In further text we’re going to explain Elliott Wave Forecasts.
BABA 1 Hour Elliott Wave Analysis 5.4.2020
BABA has reached extreme zone from the 04/17 peak at 192.15-188.05 . You can see that area on the chart below marked as a blue box . Proposed cycle from the April 17th peak is unfolding as Elliott Wave Zig Zag. We expect buyers to appear at 192.15-188.05 for 3 waves bounce at least. As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.
You can learn more about Elliott Wave Zig Zag Patterns at our Free Elliott Wave Educational Web Page.
BABA 1 Hour Elliott Wave Analysis 5.6.2020
BABA found buyers at 192.15-188.05 ( Blue Box area) as we expected. Elliott Wave Zig Zag Pattern completed at 189.52 low. Current view suggests BABA is correcting cycle from the 216.84 peak, when cycle from the May 4th low can be unfolding as double three pattern. Cycle from the low looks incomplete at the moment and we expect more short term strength up toward 203.0-208.4 area. At that zone sellers should ideally appear for 3 waves pull back at least.
BABA 1 Hour Elliott Wave Analysis 5.14.2020
Rally from the 05/04 low turned into 5 waves structure. Anyway sellers appeared right at the 203.0-208.4 ( previous blue box area ) and we got pull back as expected. Pull back against the 189.5 low is also unfolding as Elliott Wave Zig Zag. We expect more short term weakness toward 195.75-190.21 area where buyers should ideally appear again for further rally or 3 waves bounce alternatively. We don’t recommend selling the stock.
BABA 1 Hour Elliott Wave Analysis 5.14.2020
The stock found buyers again at 195.75-190.21 blue box area. We got nice bounce after completing Elliott Wave Zig Zag pattern.
Keep in mind not every chart is trading recommendation. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room. You can check most recent charts in the membership area of the site.
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