Baidu Inc. is a Chinese multinational technology company specializing in internet related products and artificial intelligence (AI). The company offers various services, including a Chinese search engine, mapping service called Baidu Maps, an online encyclopedia Baidu Baike, a cloud storage service Baidu Wangpan and more. Founded 2000, it is headquartered in Haidian District, Beijing, China. International investors can trade it under the ticker $9888 at HKEX. Also, one can trade Baidu under the ticker $BIDU at NASDAQ.
Baidu monthly Elliott Wave analysis
The monthly chart below shows the Baidu shares $BIDU traded at NASDAQ. From the IPO, the stock price has developed an initial cycle higher in blue wave (I) of super cycle degree towards 251.99 highs in November 2014. Hereby, both red waves III and V show an extension as related to the initial wave I. After the impulsive structure higher, a correction lower in blue wave (II) has unfolded as an Elliott wave expanded flat pattern being 3-3-5 structure.
Firstly, red wave a of blue wave (II) has printed a low at $82 in March 2020. Then, a bounce has set a connector wave b at $354.8 all-time highs in February 2021. Later on, the price has broken $82 lows confirming extension lower within red wave c of an expanded flat. It is the preferred view, that blue wave (II) has bottomed in October 2022. While above $73.58, a new bullish cycle in blue wave (III) might have started and is now in the initial stages. The target will be 326-482 area and even higher.
Baidu daily Elliott Wave analysis
The Daily chart below shows in more detail the initial stages of the blue wave (III). From the October 2022 lows at $73.58, black wave ((1)) demonstrates an impulse. It has peaked in February 2023 at $160.88. From there, pullback in black wave ((2)) has unfolded as a double three corrective structure. Firstly, 3 swings of blue wave (W) have set a low in May 2023 at $115.74. Then, bounce in 3 swings of blue wave (X) has set a connector in July 2023 at $156.98. Later, the prices have broken 115.74 lows. As a consequence, it has created a bearish sequence. $BIDU stock has reached within blue wave (Y) the 100% extension range being 111.85-83.86 area.
It is the preferred view, that black wave ((2)) has bottomed in November 2023. While above $103.32, a next bull run in black wave ((3)) might have started. The target will be 191-245 area and even higher.
Investors and traders should stay long $BIDU from 111.85-83.86 bluebox targeting 191-245 area in the medium-term and 326-482 area in the long run.
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