$BABA TOP 20
Added 2024-05-09 12:52:54 +0000 UTCHSI had another strong day after only slightly pulling back over the last few sessions, economic data from China was stronger than expected and also the Chinese Policy makers decided to eliminate a tax on dividend payments....which has been welcomed by Chinese investors, who tend to favour dividend paying companies.
I know many would not like to hear this but I'd like to see the HSI pull back more, this pull back barely moved towards the 0.236 Fib, which would be very shallow.
For $BABA, it is slightly different, as the pull back held on the very important red line, which was a strong resistance line before, so holding here is making a statement, that this level has been flipped to support.
Holding here and it can continue higher for our Wave 3 target but I would prefer to clearly see 3 waves down to the White Fib levels to add.
