I’ve been watching this company for a long time, and even have long position at the price of 65.6.
JD.com made clear impulse up by Feb 2021 after which it began to decline.
At the moment, the entire decline after ATH I can count as zigzag ABC, where B is triangle. From level 61.65 (+ reaction from 50% Fibo level) the price formed leading diagonal plus ABC correction. After that, the price bounced again and met resistance in the middle of the channel formed by the previous waves.
BTW, what is interesting - JD didn’t show us a fairly strong decline while NASDAQ index corrected well down.
So, for now I have 2 scenarios:
1. At the main scenario, I think that the price has formed wave 1 of (3) and expect further upward movement from the channel and extension of the waves.
2. But I also consider an alt. scenario in which wave (2) isn’t completed yet and price want to form wave X (as ZZ) of a double zigzag WXY. In fact, it confuses me that wave (2) ended so quickly and perhaps the price will meet good resistance at the border of the channel. I’ll watch the volumes and further price action near resistance zone (92.6 - 94.5).
JD.com made clear impulse up by Feb 2021 after which it began to decline.
At the moment, the entire decline after ATH I can count as zigzag ABC, where B is triangle. From level 61.65 (+ reaction from 50% Fibo level) the price formed leading diagonal plus ABC correction. After that, the price bounced again and met resistance in the middle of the channel formed by the previous waves.
BTW, what is interesting - JD didn’t show us a fairly strong decline while NASDAQ index corrected well down.
So, for now I have 2 scenarios:
1. At the main scenario, I think that the price has formed wave 1 of (3) and expect further upward movement from the channel and extension of the waves.
2. But I also consider an alt. scenario in which wave (2) isn’t completed yet and price want to form wave X (as ZZ) of a double zigzag WXY. In fact, it confuses me that wave (2) ended so quickly and perhaps the price will meet good resistance at the border of the channel. I’ll watch the volumes and further price action near resistance zone (92.6 - 94.5).