While
BTCUSD
is doing its own thing, I decided to take a look at my stocks portfolio. Figured it was about time for a reevaluation.
Today we'll explore
BABA
!
BABA
has been on an unstoppable climb since June of 2016.
Remember that I keep emphasizing the fractal nature of price movements. Let's scroll back into a 1W chart to see where we are since the last low we hit (yellow triangle), we can see a classic Elliott Wave forming.
We can see from the relatively slow and low sloped wave 1-2, a sharp drop from Wave 3-4 was expected and fulfilled. This on top of the last ATH gives me confirmation that we've officially hit Waves 1-2-3-4-5 and have entered the correction wave, and currently riding towards the peak of Wave B (purple triangle).
My expected target of wave A-B-C is to eventually hit the level at around where Wave 4 ended, which just happens to fall around the 23.6% retracement zone.
Because we've entered a correction wave, BABA is now more sensitive to the rest of the market. It would be difficult to make a call on where this will flow after so I'll be sure to watch this closely through its retracement towards $170.
This is the time when the 40 thieves are about to chase us down so close that cave until we can open sesame again in the future.
BTCUSD
is doing its own thing, I decided to take a look at my stocks portfolio. Figured it was about time for a reevaluation. Today we'll explore
BABA
!
BABA
has been on an unstoppable climb since June of 2016. Remember that I keep emphasizing the fractal nature of price movements. Let's scroll back into a 1W chart to see where we are since the last low we hit (yellow triangle), we can see a classic Elliott Wave forming.
We can see from the relatively slow and low sloped wave 1-2, a sharp drop from Wave 3-4 was expected and fulfilled. This on top of the last ATH gives me confirmation that we've officially hit Waves 1-2-3-4-5 and have entered the correction wave, and currently riding towards the peak of Wave B (purple triangle).
My expected target of wave A-B-C is to eventually hit the level at around where Wave 4 ended, which just happens to fall around the 23.6% retracement zone.
Because we've entered a correction wave, BABA is now more sensitive to the rest of the market. It would be difficult to make a call on where this will flow after so I'll be sure to watch this closely through its retracement towards $170.
This is the time when the 40 thieves are about to chase us down so close that cave until we can open sesame again in the future.
(should go without saying but wave drawings are obviously not to be taken as timestamps - just showing you general movement pattern).