$BABA TOP 20
Added 2024-08-23 08:51:40 +0000 UTCAgain, no changes to this chart since June and it has been moving in an impulse wave and continues to move higher in Wave 3.
News has dropped this morning that $BABA has changed their status on the Hong Kong exchange which allows mainland Chinese investors to buy $BABA stock now:
'Alibaba Group announced it will change its listing status in Hong Kong, a strategic move that will enable the technology giant to offer shares to the 220 million investors on mainland China’s stock market, South China Morning Post reported on Friday.
According to the report, this new designation will make Alibaba's shares eligible for the Stock Connect cross-border investment channel. The exchange operators of Shenzhen and Shanghai will review additions to the programme on Sept. 5. If approved, mainland investors could start trading Alibaba shares as early as Sept. 9.
Dai Ming, a fund manager at Huichen Asset Management in Shanghai, according to the report stated, "It will bring a tailwind to Alibaba's shares for sure, and inject liquidity" into the stock. This move is expected to significantly impact Alibaba's trading volume and liquidity.'
It may come as a surprise to many that this has not been done earlier....
In the PM now, price is back up to test the previous high at $84.85, a higher high here again and we are on track to move to our Wave 3 target at the 1.618 Fib at $88.81.
The chart told us everything we needed to see to this point:
Two large wedge breakouts to the upside
Higher lows on the 0.78 Fib
Golden Cross between the 50 and 200 MA
Moving in an Impulse manner
Earnings out of the way gave the green light to move higher
I would like to see $BIDU following this manner now
