$BABA TOP 20
Added 2024-08-16 10:27:54 +0000 UTCWild day yesterday and in spite of the emotional turmoil by many, there is not a single change to the chart and yesterday we even got higher highs, as the market decided that the less than adequate report is likely factored in now.
Impulse waves when they start, especially when higher highs are made and above the 50 and 200 Day MA are difficult to break down and collapse.....buyers have already assessed the fundamentals and in spite of revenue slightly missing, if they believe that the FCF decline was due to share buybacks or for growth, they are ok with that....EPS did beat, which directly affects share value.
Wave 3 remains at the 1.618 Fib as always at $88
Comments
I think yesterday showed the emotional (great volatility in the beginning) and the rational (higher high and pretty much flat in the end) which gives us an idea of how we should consider the market peaks. Nice lesson, thank you Captain.
Federico Salerno
2024-08-16 10:47:42 +0000 UTC
