We talked about BABA shares about a month ago. So, let’s recall that the market suggests the construction of a large bullish zigzag Ⓐ-Ⓑ-Ⓒ of the primary degree.
At the time of writing, the price is at the end of the primary correction. This correction could take the form of an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z). It seems that the intervening wave (X) was completed at the level of 183.00. And now the formation of the final actionary wave (Z) is taking place, the structure of which hints at a complex formation of a double zigzag W-X-Y.
Depreciation in the wave (Z), specifically in its last actionary wave Y in the form of a minute zigzag, is likely to reach the level of 50.59. At that price level, sub-waves (Z) and (Y) will be equal.
After the end of the primary correction Ⓑ, an impulse growth is likely above the maximum of 246.55.
An alternative scenario shows the formation of the primary correction wave Ⓑ has already come to an end. Thus, in the near future, we can expect the formation of the initial part of the bullish impulse Ⓒ.
Wave Ⓒ will be a simple impulse consisting of intermediate waves (1)-(2)-(3)-(4)-(5), where the first two sub-waves look completed.
The end of the intermediate impulse (3) is possible near the level of 273.78.