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Alibaba Group Holdings Ltd., Elliot Wave Analysis

10/27/2022 10:29 AM

A fall is possible.

On the daily chart, the first upward wave of the higher level 1 formed, and a downward correction develops as the wave 2, within which the wave (C) of 2 forms. Now, the third wave of the lower level 3 of (C) has formed. If the assumption is correct, after the end of the local correction 4 of (C) the price will fall to the area of 45.00–30.00. In this scenario, critical stop loss level is 105.00.

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