BABA Bearish Impulse Continues!

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/27085726/Elliott-Wave-8.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Elliott Wave" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/27085726/Elliott-Wave-8.webp 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/27085726/Elliott-Wave-8-300×172.webp 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><p>&nbsp;</p>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/27085631/BABA.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204108 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/27085631/BABA.png" alt="Chart of BABA" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/27085631/BABA.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/27085631/BABA-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/27085631/BABA-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/27085631/BABA-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>In the long term, BABA stock is building a bearish triple zigzag w-x-y-x-z of the cycle degree.</p>
<p>On the current chart we see the final part of the actionary wave y and the second intervening wave x. Now the formation of the final actionary wave z is taking place. This will most likely take the form of a primary zigzag Ⓐ-Ⓑ-Ⓒ.</p>
<p>The first impulse Ⓐ and the correction Ⓑ are fully completed. In the near future, we can expect a decline to 49.48 in the sub-wave Ⓒ, consisting of sub-waves (1)-(2)-(3)-(4)-(5).</p>
<p>At the specified mark, wave z will be at 38.2% of wave y.</p>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/27085654/BABA2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204109 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/27085654/BABA2.png" alt="Chart of BABA" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/27085654/BABA2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/27085654/BABA2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/27085654/BABA2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/27085654/BABA2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Let’s consider the second scenario, where the intervening wave x continues, having a complex internal structure. In the intervening wave x, the primary sub-waves Ⓦ-Ⓧ have ended.</p>
<p>The actionary leg Ⓨ is under development, which could take a zigzag structure (A)-(B)-(C). There is a possibility that the construction of a bearish intermediate correction (B) has come to the end. So in the near future, the price could impulsively start moving in wave (C) in the direction of 140.76.</p>
<p>At the specified level, intervening wave x will be at 38.2% along the Fibonacci lines of actionary wave y.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/06/baba-bearish-impulse-continues">BABA Bearish Impulse Continues!</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>