BABA Back at Median Line after distibution

Hello Traders,

Here is an analysis on Alibaba. As you can see in the chart Baba has completed a Wyckoff cycle of accumulation and distribution. Now that the price action is back at the median line it seems to be forming a triple bottom base and taking a break from its recent sell off. We will want to see more bullish volume grow in this area to confirm this base before looking for any buying opportunities. As the price action sits on the baseline in the middle of the structure the longer it holds the stonger it becomes and a buying opporitunity will approach.

Patience is the only key to opening the door to profits.

Savvy