$BABA TOP 20
Added 2024-10-29 11:13:41 +0000 UTCThe most important observation right now is that we have a very clear bounce in 5 waves since holding above the 0.5 Fib at $94.
We can see that the PM action has brought the price right up to the 200 MA on the 1hr chart for 5 waves in an impulse count, this is exactly what we want to see to start Wave 5.
It is very important now that we get a higher low retest and if we get a pull back this week after testing the 200 MA on the 1hr chart at $103, then I would be looking at the $100 support line at the 0.38 Fib for a retest.
A retest and hold at this level and we buy.
That all being said, if you are happy to buy now and hold throughout the pull back for a retest then that is your decision, we do have an impulse wave here now.
My last Buy Alert for $BABA was at $102, so I had no issue adding then.
