ir-rizzle

$BABA looks to be starting Wave1 after an ABC correction PT= 320

Long
NYSE:BABA   Alibaba Group Holdings Ltd.
BABA has completed a 5 wave structure that started in march, followed by an ABC correction. The pitchfork anchored at the march low and the wave 3 high confirms this setup perfectly.

If the correction is complete, we could be starting a new wave count here. Possible play for wave 1 with an entry at ~266, stop loss at ~259 and a price target at ~320 (20%) which is projected by the equal legs setup of the new pitchfork .

The stochastic RSI and MACD on the 1D, 2D, 3D and 4H charts are all oversold and headed bullish , respectively, resulting in a high probability trade. This is a stock play, not an options play for me.
Comment: This trade hit my stop loss but has bounced back. I will try to get back in at ~239 where it may bounce off the daily 200 MA. It could just continue on to a wave 1 from here, but im no longer in this trade at the moment.

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