BABA may not hold 87 pivot; is 73 D. Bottom next or the 50 zone?
BABA is in a long downward pitchfork since the 320 ATH. In this weekly chart, BABA has been oscillating between the 2 green PITCHFORK lines (in a closing basis) since it made a diamond continuation pattern last Nov2021.
Last week it bounced from the pitchfork mired dotted median line has turned down again to the 87 pivot zone. If the 87 pivot zone doesn’t hold, we may see a double bottom at 73.
Worst case scenario may be the Max Pain zone at 50 to 45 down back to the green line but the bottom reversal will be very fast this time. That will take us back to 57.20 the 2015 bottom before the 5 Elliott waves even started, erasing all gains.
Not trading advice
Last week it bounced from the pitchfork mired dotted median line has turned down again to the 87 pivot zone. If the 87 pivot zone doesn’t hold, we may see a double bottom at 73.
Worst case scenario may be the Max Pain zone at 50 to 45 down back to the green line but the bottom reversal will be very fast this time. That will take us back to 57.20 the 2015 bottom before the 5 Elliott waves even started, erasing all gains.
Not trading advice