The formation of BABA shares suggests the construction of a large Ⓐ-Ⓑ-Ⓒ zigzag of the primary degree.
Apparently, at the time of writing, we are in the final part of the primary correction Ⓑ. This correction can take the form of an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z).
It seems that the growth in the intervening wave (X) has ended, and now the initial part of the final actionary wave (Z) is under construction. It can be simple in shape, like a minor zigzag A-B-C, as shown on the chart.
The end of the intermediate wave (Z) could be near 98.38. At that price level, wave (Z) will be at 61.8% of wave (Y).
After the completion of the primary correction Ⓑ, market participants could expect an impulse growth above the maximum of 274.54.
According to the alternative scenario, the formation of the primary correction wave Ⓑ has already come to an end. Thus, in the last section of the chart, we see the initial part of the bullish impulse Ⓒ.
It is likely that the intermediate sub-waves (1) and (2), which belong to the primary impulse, have ended. Therefore, intermediate impulse (3) is possible near the level of 273.78.