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.