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