Long opportunity with little risk involved on $BABA

We finished a clean three wave zigzag which stopped around 123.6% fib extension. There has been lots of call flows into this name for a while and with the news about the China stocks on the board this seems like a risky play. Based on Elliot Wave theory I am long $BABA and keep adding to my position as long as we stay above the 0.786% retracement zone in the C-wave. Mental stop is somewhere around 260. My target would be at least 306 which offers a great risk to reward from here.

Comment:

So far so good. We are keeping the zone for now and we see some positive divergence coming on the 30m timeframe. Keeping this zone is crucial.

Trade active:

Well, this aged pretty well so far. Added on weakness, trimmed into strength today.

Leaving from the golden zone with a firm impulsive moves implies (to me though) that this could be the start of impulsive wave 3 which targets for 306 in the short term.

Short term scenario: we need a new cycle high in order to form 5 waves in subwave 1 of 3. Depending on where wave 5 ends, I will wait for a retracement to 0.618% retrace level. Breaking 258 = exit.
I have a few March '21 300 Calls.