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Alibaba Group Holdings Ltd., Elliot Wave Analysis

2/2/2023 10:11 AM

Growth is possible.

On the daily chart, a downward correction ended as the wave 2, and the development of the third wave 3 started. Now, the first wave of the lower level 1 of (1) of 3 is forming, within which the wave iii of 1 has ended, and a local correction is developing as the wave iv of 1. If the assumption is correct, the asset will grow to the area of 138.80–158.36. In this scenario, critical stop loss level is 98.50.

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