The Long Investor

$BABA TOP 20

Added 2024-11-17 18:52:20 +0000 UTC

Mixed week for $BABA, reported earnings and overall it was considered a beat but the revenue missed slightly and finished -2% for the day but the rest of the Chinese ADRs were green, indicating that they may have liked what they saw, as more Economic Data came out earlier in the day too that shows that consumer spending in China is still strong.

Wave 4 has infringed upon the top of Wave 1, so like the HSI it can not be considered Wave 4 but it is still very much in a possible impulse wave.

With this considered, the 0.618 Fib at $87 is the target from the high at $117 and the low at $68

Meaning the price held the 0.618 Fib at $87 on Friday post earnings exactly.

But support is still not confirmed yet

Superinvestors have also confirmed they have started or added to their Chinese positions in the last quarter, with Tepper now holding over +40% of his Portfolio in Chinese positions.

I like being on the side of these very talented investors and we were also buying $BABA before they were too.

Support still needs to come but I am holding.