Since hitting its peak on 11/10 BABA has pulled back into the 50dma and bounced off of it cleanly. It did this in a successive 3 waves down pattern highlighted in the chart. In doing so, it encountered resistance all along the blue descending trend line
(also shown in the chart). On 12/17 BABA broke above the blue descending trendline, the 10dma, and the 21dma. Today what was once resistance is now starting to become support as the 10dma crosses back above the 21dma.