The Long Investor

$BABA TOP 20

Added 2024-10-24 12:06:36 +0000 UTC

$BABA is only at $98 but for me the 0.38 Fib is likely lost and we must expect that a test of the next 0.5 Fib at $94 is a possibility.

The big difference here is that the 50 Day MA will be waiting at the 0.5 Fib when the test comes.

We wanted Wave 4 to pull back slower in order to allow the 50 Day MA to move higher but the pull back was faster than expected, so a test of the 0.5 Fib is what we need to watch for next in my opinion.

Have the fundamentals changed? No
Is $BABA still undervalued? Yes
Are we still in standard impulse wave? yes

Operation normal.

Be cautious of new people who have joined this group, they may not be as familiar with what to expect from pull backs, not everyone has the same level of experience as maybe those who have been around longer......if a support level is not held, we look to the next one and we make a plan, we either see it as an opportunity to add at a cheaper level or do nothing.....and we certainly do not cause others to panic in the chat group.