Alibaba Group Holdings Ltd. (BABA) Elliott Wave technical analysis [Video]
|Alibaba Group Holdings Ltd. (BABA) Elliott Wave analysis – Trading lounge
Daily chart analysis
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Function: Trend.
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Mode: Impulsive.
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Structure: Motive.
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Position: Wave (5) of C.
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Direction: Upside within wave (5).
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Details:
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Alibaba is moving higher within wave (5) of Primary wave C, suggesting a long-term corrective phase retracing the 2021 decline.
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Resistance is expected around $168, where wave C could equal wave A.
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One-hour chart analysis
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Function: Trend.
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Mode: Impulsive.
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Structure: Motive.
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Position: Wave 1 of (5).
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Direction: Upside within wave (5).
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Details:
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Alibaba continues higher within wave (5), nearing completion of wave 1 of (5).
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A pullback in wave 2 is expected, providing an opportunity to assess whether the move is wave 1 of (5) or the completion of wave (5) itself.
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Upside potential may be limited as resistance approaches.
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Conclusion
This Elliott Wave analysis evaluates trend structures across various equities, highlighting potential resistance and retracement levels. For Alibaba (BABA), the focus remains on wave (5), with a key resistance at $168 that could mark the end of the corrective rally.
Alibaba Group Holdings Ltd. (BABA) Elliott Wave technical analysis [Video]
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