BABA is a stock that pays good respect to harmonic patterns as it went several patterns in a row since last December. After its earning day rally, it's hitting the bearish bat area and gave a shooting star in front of 200 fig.
Frankly speaking , I am much more bullish on BABA based on its business, so this pattern has more meaning to take profit on the long rather than opening a new short for me. After all its a nice daily combination in terms of harmonic patterns trading, with abundant EMA correction rooms.
Agreed!!!! sold my position from 154. Looking to re enter later.
Your thoughts on AABA? Mirrors BABA but trading almost 3x lower. Thinking of moving back in to BABA but 1/3 less shares, and opening a position with AABA with the difference.
Trader_Joe_Lee
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@llandsberg, quite the same as BABA, while AABA hasn't tested the bearish bat yet, so won't be too bullish to take long positions recently unless it can pull back to 70-70.50 area.
Your thoughts on AABA? Mirrors BABA but trading almost 3x lower. Thinking of moving back in to BABA but 1/3 less shares, and opening a position with AABA with the difference.