This one has historically shown clearer wave count to me. Now it seems like it is in the final stage of a big correction.
Even though I don't think it will touch the $12.61 0.618 line.
I think it worth a try.
It looks like BABA has completed a five wave up. I have to confess that this wave count is not so nice and neat. But today's big bearish engulfing candle makes me feel this is still likely.
Plan to trade the C wave for now and see if it can find support near the larger channel.