$BABA TOP 20
Added 2024-09-27 10:04:36 +0000 UTCOk moment of truth today, $BABA hit the 1.618 Fib at $107 in the PM today
This has been an aggressive move since breaking out of the wedge, the breakout followed by the retest of the wedge set the way for a strong move and that's what we got.
The price can extend higher above 1.618 Fib if the momentum is behind it and the HSI went up another 3.5% as the Chinese policy makers continue to release stimulus measures
Personally, I don't want to see it extend too much, a strong structure will bring in more buyers
So today I will see how the price manages the 1.618 Fib at $107, it could end flat here to end the week and month.
RSI is at 81 now and the MACD is showing an abrupt rise too.
This is not in value territory right now in this set up.
A pull back to our Wave 4 level at the 0.38 Fib at $93 will be perfect before going higher to $121.
I am not taking any action right now, I have no issue holding throughout this Wave 4 but that is a personal choice, unless we see a clear rejection at $107.
Comments
If the wave 2 is so deep to 0.786, maybe wave 4 will not be so deep/standard?
Yuejia Huang
2024-09-29 11:21:48 +0000 UTCYep, check out their FWD PE's
Gareth Neary
2024-09-27 19:41:37 +0000 UTCCap, my app (T212) has PEs for baba and JD at 26/27. Thoughts on fair value of these and other names appreciated.
Nick E
2024-09-27 19:37:38 +0000 UTCBut if there is real demand it might not drop all the way to 4 before the pop right?
AL
2024-09-27 12:51:06 +0000 UTCWave 3 likes sucking people in as fomo, we know this is where to be cautious
Gareth Neary
2024-09-27 10:44:27 +0000 UTCThanks to you I look forward to the arrival of L Wave 4. Before joining this group I would have made THE mistake of buying yesterday in a panic of missing the right moment
Pierre penasa
2024-09-27 10:43:13 +0000 UTCThanks for this chart Cap. I personally will likely trim some to cash in profits and go from there. Add agressively back on the way down to wave 4
Bercan
2024-09-27 10:07:51 +0000 UTC
