The Long Investor

$BABA TOP 20

Added 2024-09-24 12:12:01 +0000 UTC

Ok this catalyst from China has blown the original 1.618 Fib through the roof at $88 and I think it might be more suitable to consider the larger impulse count, from the low at the start of the year, to the high in May, as Wave 1, and to the low in July as Wave 2, from these points we can find the 1.618 Fib for the larger Wave 3, which is at $107.

Up until this point we were looking at subwaves, which can be harder to count but as always we stay conservative.

Happy to reassess after getting a catalyst like this that sends the price action this high, I don't mind aggressive moves either, as long as they are in Wave 3.

What we want to see today is sustained strength, no high rise, followed by a rug pull, holding its strength today will confirm that buyers are stepping in heavily.

I certainly won't be touching my position or trimming right now.