Alibaba Elliott Wave Structure Looking for more downside
Elliott Wave view in Alibaba (BABA) shows that the stock has an incomplete bearish sequence from 6.5.2018 high ($211.7). The 100% target in 7 swing comes at $88.3 and this view remains valid as far as the stock stays below 12.3.2018 high ($168.8). Near term, decline from 12.3.2018 high ended a 5 waves structure in black wave ((1)) at $129.10.
Above from there it ended black wave ((2)) bounce at 142.57 peak. After missing the equal legs from 12/24 low (blue box) by a few cents.
The internals of black wave ((2)) unfolded as an Elliott Wave double structure. Where it ended blue wave (W) at 138.94 and blue wave (X) at 133.89. Above from there it ended blue wave (Y) of black wave ((2)) at 142.57 peak.
As long as it stays below that level but more importantly the pivot at 146.34 stays intact, it should continue trading lower. The right side is to the downside.
Above from there it ended black wave ((2)) bounce at 142.57 peak. After missing the equal legs from 12/24 low (blue box) by a few cents.
The internals of black wave ((2)) unfolded as an Elliott Wave double structure. Where it ended blue wave (W) at 138.94 and blue wave (X) at 133.89. Above from there it ended blue wave (Y) of black wave ((2)) at 142.57 peak.
As long as it stays below that level but more importantly the pivot at 146.34 stays intact, it should continue trading lower. The right side is to the downside.
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