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Alibaba Group Holdings Ltd., Elliot Wave Analysis

1/5/2023 10:05 AM

Growth is possible.

On the daily chart, the upward first wave of the higher level 1 formed, and a downward correction ended as the wave 2, within which the wave (C) of 2 formed. Now, the development of the third wave 3 has started, within which the first wave of the lower level 1 of (1) of 3 is forming. If the assumption is correct, the asset will grow to the area of 126.00–170.00. In this scenario, critical stop loss level is 83.70.

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