The NASDAQ:YHOO chart is self-explanatory. The entry price $44.39, though above the resistance line originating at all time high, is still below the short-term channel's top which started developing itself after what is believed to be an exhausting gap appeared on Aug 11. The SL @ $45.44 placed well above the all time high, should still provide an acceptable loss given the potential reward and is meant to avoid being hit by the bear stops run. In fact, the price is not expected to exceed much the $44.92 high printed on Sep 7.
If the gap turns out to rather be a measuring gap, then the losses will have to be sucked up.
And here is the bigger picture chart
TP1 ~ $38.00
TP2 ~ $35.50
TP3 ~ 26.50
Final destination - $22.50 or lower
If you want to play safe, however, wait until the price gets under $42.40 (i.e. under the H&S neckline) for the confirmation.
Well, then - back to the double-top scenario from the original post.
BABA seems to be on the same bearish path as its famous shareholder:
It's even getting close to close the exhausting gap. Maybe even today..
The bigger picture:
And even bigger picture:
Upon that happening, I'll be eventually targeting the $21 area as shown on the weekly chart above and, depending on the action at that point, potentially $17 area as shown on monthly.