In the long term, BABA seems to be forming a bearish trend.
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On the current chart, we can notice the completed actionary wave y and the second small intervening wave x, they are double zigzags.
At the time of writing, the formation of the final actionary wave z is taking place, which, most likely, will take the form of a primary zigzag Ⓐ-Ⓑ-Ⓒ.
Perhaps the primary impulse Ⓐ and correction Ⓑ have already been fully completed, so we can expect a decline to 49.12 in the sub-wave Ⓒ. At the specified mark, wave z will be at 38.2% of wave y.
In the second variant of the markup, we see the continuation of the intervening wave x, taking the form of a double zigzag of the primary degree Ⓦ-Ⓧ-Ⓨ. The first two zigzag sub-waves Ⓦ-Ⓧ look finished.
Most likely, the market is in a wave Ⓨ, which may take a zigzag structure of the intermediate degree (A)-(B)-(C), as shown in the chart. Impulse (A) and correction (B) look formed.
The price growth in the intermediate wave (C) is possible to 140.81. At that level, cycle intervening wave x will be at 38.2% of actionary wave y.
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