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.
The price movements since July 2015 look corrective to me. So my preferred count is shown in the chart. I personally think the yellow area could be the potential end of correction. There might be a great opportunity with tight stops but need to see the price action first. Watch it closely.
Btw, if I am right, the bottom should be in within March 2017.
While last trade is still active and I probably have missed a good chance to get out.
Given now, I moved my stop to slightly below today's low so far @88.75. If it break down here, more likely further downside ahead. Otherwise, look for $96 area to close.