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Alibaba Group Holdings Ltd., Elliot Wave Analysis

8/4/2022 11:21 AM

Growth is possible.

On the daily chart, the upward first wave of the higher level 1 formed, a downward correction developed as the wave 2, and the formation of third wave 3 started. Now, the first wave of the lower level 1 of (1) of 3 is developing, within which the wave iii of 1 has formed, and the correctional wave iv of 1 has ended. If the assumption is correct, the asset will grow to the levels of 138.87–160.90. In this scenario, critical stop loss level is 80.35.

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