In this technical blog, we will look at the past performance of 1-hour Elliott Wave Charts of Ali Baba ticker symbol: $BABA. We presented to members at the elliottwave-forecast. In which, the rally from the 23 December 2022 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
Here’s 1hr Elliott wave chart from the 1/18/2023 Midday update. In which, the cycle from the 12/23/2022 low ended in wave 3 as an impulse structure at $118.10 high. Down from there, the stock made a pullback in wave 4 to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) at $114.34 low. Wave ((b)) ended at $116.93 high and wave ((c)) managed to reach the blue box area at $113.12- $110.78 area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
This is the 1hr Elliott wave Chart from the 1/20/2023 Midday update. In which the stock is showing a strong reaction higher taking place, right after ending the zigzag correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area.