Looking at the global chart of Alibaba Group shares, it appears that the 38% corrective fall is reaching its logical conclusion.
During the fall, each renewal of the minimum was accompanied by a decrease in trading volumes, and the "Bullish Pennant" pattern is formed on the chart itself. The target for working out such a pattern is in the region of $265-285, which is at least + 30%. In this zone, you should cover longs and look around to see what the general mood will be in the market.
Analyzing the chart today, we consider the scenario of the continuation of the correction of the price of BABA shares down to $165, and possibly to $135, after a rebound to the zone of $265-285 from current prices, is more likely.
This assumption will be shattered by buyers if they can confidently fix the price of BABA shares above $285 Let's wait and see who will dominate the market in the future)