HumanBias

Buy opportunity at $150. PT $480

Long
NASDAQ:BIDU   Baidu, Inc
Buying zone between $219 (0.5 retracement) and $122.88 (0.854 retracement of the first impulse).

Looking at the RSI trajectory and the MACD bearish signal in the weekly we are likely to cross the 200 EMA to $147.35 (0.764 retracement), a zone that has been acting as support and resistance for the past few months.

Baidu closed the second retracement of the supercycle in March 2020. Currently consolidating the second wave of the third impulse, which will be the largest, with a target of between $483.5 ( 1.618 extension ) and $562.88 (2 extension) if the bottom of the second wave is confirmed at $147.35.

In the event that the bottom of the second wave is at the 0.5 retracement (where we are now), targets would be between $458.37 (1.68) and $522.22 (2).

Overview:
First buy order (25% of the position) at $190.
Second buy order (75% of the position) at $150

Sell orders (depending on the last bottom): between $455 and $562 in the beginning of 2023.

+50% annualized profit.

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