BABA: How much have the bears strengthened their positions?

Apparently, in the long term, BABA is forming a bearish trend, or rather a triple cycle zigzag.

The current chart of the 1H timeframe shows the final part of the second intervening wave x. At the moment, we are seeing the formation of the final actionary wave z, which, most likely, will take the form of a primary zigzag Ⓐ-Ⓑ-Ⓒ.

It seems that the primary impulse Ⓐ and the correction Ⓑ are completely built. Therefore, in the near future we can expect a decrease to the level of 50.04 in the sub-wave Ⓒ, consisting of sub-waves (1)-(2)-(3)-(4)-(5).

At the specified mark, wave z will be at 38.2% of wave y.

Alternatively, a situation is considered where the intervening wave x continues, it has a complex internal structure. Within the intervening wave x, the primary sub-waves Ⓦ-Ⓧ are completed.

Now the price is moving inside the wave Ⓨ, which may take a zigzag structure (A)-(B)-(C). There is a possibility that the construction of a bearish intermediate correction (B) has come to the end, so in the near future the price may impulsively start moving in wave (C) in the direction of 140.76.

At the specified level, intervening wave x will be at 38.2% along the Fibonacci lines of actionary wave y.