The Long Investor

$BABA TOP 20

Added 2024-05-19 10:13:52 +0000 UTC

$BABA has rallied post earnings and we got a flush directly after the report was announced, it hit the red line perfectly, we bought, sent out an alert and the price action just took off from there.

Successful investing week all round for us.

Wave 3 has now gone beyond the standard 1.618 Fib at $87 and hit $90 this week, so we would be looking at the 2 Fib next at $91 to offer some resistance and then we should get Wave 4 and another opportunity to add before catching Wave 5.....which I have set at the 2.618 Fib, which is the upper limit of the Wave 5 Fibs, before going extended.

The previous high here for $BABA is at $121 so I see this moving back to $121 as long as it continues to move in this Impulse Wave.

FWD PE is 9 now too and I like that they are focusing on expansion.

So the plan is to add again, when Wave 4 pulls back and we'll be ready.