$BABA TOP 20
Added 2024-05-31 09:57:13 +0000 UTCI have just uploaded the HSI chart, so it is worth reviewing that chart and the commentary with this $BABA chart.
PMI figures came out of China today weaker than expected so Chinese ADRs are under some pressure today in the PM.....and PCE figures are out today in the US too, so we can expect some volatility with these two catalysts.
It is unfortunate to see the 200 Day MA lost here in the PM, after testing and holding well on it yesterday but we can see that the PM price has come right down to the confluence level at the 0.618 Fib and the 50 Day MA, losing this level, or rejecting below this level is showing weakness for me.
Under no circumstances will I be reducing my position in $BABA even if this happens, I am only in a position to add $BABA under the 200 Day MA.
The HSI remains in an ideal impulse set up and that is the main driver for this ADRs.
A good point was made in the group earlier, that this pull back looks to infringe upon Wave 1 here which it does in the PM, but this subwave count is part of Wave 1 of this possible new impulse wave for $BABA, so overlapping waves like this (leading diagonal) is allowed in Wave 1 and Wave 5 (ending diagonal) this is not allowed in Wave 3.
