In this blog, we will have a look at some recent short-term Elliott Wave charts of BABA which we presented to our members in the past. Below, you see the 1-hour updated chart presented to our clients on the 08/19/18 indicating that BABA ended the cycle from 06/05 low in blue wave (IV).
BABA ended the long-term cycle in blue wave (III), at the high of around 212 (06/05 peak). Below from there, it started a pullback lower in blue wave (IV). The pullback proposed to unfolded as an Elliott Wave double three structure. After reaching the equal from 06/05 towards the area of 166.28-162.88, it started bouncing higher. We advised members that we liked buying BABA at the mentioned equal legs area (blue box). Because, we expected buyers to appear in the dips in the sequences of 3, 7 or 11 swings. That was the first area for buyers to appear to take prices to new highs above blue wave III peak or a larger 3 waves bounce at least.
BABA 08.19.2018 1 Hour Chart Elliott Wave Analysis
In the last Elliott Wave chart, you can see that BABA continued nicely the bounce after reaching the blue box area (166.28-162.88). Due to the higher timeframe right side, long trades where authorized accordingly to our trading system. So the equal legs blue box was a buy and any trade from that area are risk-free. We already took some partial profits on this trade because a 7 swing structure lower in blue wave (IV) can’t be ruled out as long as it does not take blue wave (III) peak. Do please keep in mind that the 1-hour chart which I presented have changed already. If you want updates every day. I can recommend you to take our Summer Special Promotion below.
BABA 08.22.2018 1 Hour Chart Elliott Wave Analysis
I hope you enjoyed this blog and I wish you all good trades and if you interested in learning more about our unique blue box areas and also want to trade profitably. You can join us now and get 50% off on all monthly plans . Limited time only!
We believe in cycles, distribution, and many other tools in addition to the classic or new Elliott Wave Principle.
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