The ALIBABA formation shows that the impulse wave Ⓐ has ended. This followed the development of a bearish correction Ⓑ in a primary zigzag.
It is likely that the correction Ⓑ has completed, taking the form of an intermediate zigzag (A)-(B)-(C).
In this case, we currently see the formation of the initial part of a new bullish wave, which will consist of intermediate waves (1)-(2)-(3)-(4)-(5). At the moment, the small sub-waves (1) and (2) look complete.
In the short term, the intermediate wave (3) may update the previous high, that is, go above the level of 274.10.
However, there is a possibility that the primary correction wave Ⓑ is still under development. We see only two parts of it formed – the impulse (A) and the zigzag (B). To complete the wave Ⓑ, a wave (C) is required.
The intermediate impulse wave (C) consists of minor sub-waves 1-2-3-4-5. Most likely, in the near future, minute wave five will complete the minor impulse wave 5 near the 168.13 area.
At that level, intermediate impulses (A) and (C) will be equal.