$BABA TOP 20
Added 2024-01-01 16:22:14 +0000 UTCAll we want to see from $BABA in 2024 is that it starts moving in an impulse wave.
Everything then looks after itself, if $BABA can continue to increase its growth and margins, expand into other markets, this will continue to help their plans.
If we consider that $70 was the bottom of Wave 2 on the 11th of December, then the 1.618 Fib is at $173 for Wave 3.
We care very little for dates, the target could come in sooner or later, it depends on their earnings and growth, however, the 1.618 Fib target is quite reliable, as long as there are no surprises.
In the meantime, $BABA is just testing the 50 Day MA, right at the Red resistance line, a flip here and we are up to test the gap, which fills up to $86, which is also exactly at the 200 Day MA right now.
Next will be the BIG test, breaking out of the wedge at $87.
A breakout here and holding above this line and we are into the Bull Case and looking good for Wave 3.
So we are not looking for miracles, we just want to see a test of the wedge trend line first, a breakout here and money will flow very aggressively into $BABA.
