In this blog, we will have a look at some recent short-term Elliott Wave charts of BABA which we presented to our members in the past. Below, you see the 1-hour updated chart presented to our clients on the 08/19/18 indicating that BABA ended the cycle from 06/05 low in blue wave (IV).
BABA ended the long-term cycle in blue wave (III), at the high of around 212 (06/05 peak). Below from there, it started a pullback lower in blue wave (IV). The pullback proposed to unfolded as an . After reaching the equal from 06/05 towards the area of 166.28-162.88, it started bouncing higher. We advised members that we liked buying BABA at the mentioned equal legs area (blue box). Because, we expected buyers to appear in the dips in the sequences of 3, 7 or 11 swings. That was the first area for buyers to appear to take prices to new highs above blue wave III peak or a larger 3 waves bounce at least.
We believe in cycles, distribution, and many other tools in addition to the classic or new Elliott Wave Principle.
