Based on my Elliot Wave analysis of NYSE:BABA, it appears that the stock has been following a corrective pattern since its inception, with the peak occurring during the 2020 bull run. Since then, it has been in wave B, currently progressing into subwave C of wave B. The trend is strongly bearish, indicating a downtrend.
I anticipate wave B to conclude around $18.90, although this is an estimation derived from Fibonacci ratios and could potentially fluctuate between $58.01 and $18.90. However, considering the length of sub wave A, the likelihood leans towards the $18.90 mark.
Bình luận
⋅
Upon reviewing my analysis, it seems I've misinterpreted the wave counts, leading to an erroneous assessment. I'm now debunking this analysis. I'll be posting a new corrected chart on a new post.
I respect your analisis, but is ilogical with the actual fundamentals of the company, and is ok about chinese economy and all other around, but compare with PDD has gain like 50 dollars in price in from the last earnings, so i can believe the stock can stay bearish until 50* range, but i cant believe that could goes to 18 price and the markets in general are turning mostly in previous ATH and indices are getting new ones. So that invalide the analises to 18 stocks price :)
thekidtrader11
⋅
Yes I think you're right , I was a bit confused aswell but looking back at the chart, it does look like i took the wrong wave count in consideration. So technically the A and B wave count is supposed to be a wave 1 and 2 , which should make the chart bullish for the long term . Thanks for your opinion, I will post a correction to it
jpesquera
⋅
@thekidtrader11, always my friend and thanks you for the contribution and share your knowledge. It count a lot too, bless!