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Alibaba Group Holdings Ltd., Elliot Wave Analysis

3/16/2023 10:00 AM

A fall is possible.

On the daily chart, a downward correction develops as the wave 2, within which the wave (B) of 2 ended, and the wave (C) of 2 forms. Now, the first wave of the lower level 1 of (C) of 2 has ended. If the assumption is correct, after the end of the local correction as the wave 2 of (C), the price will fall to the area of 57.15–40.00. In this scenario, critical stop loss level is 81.93.

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