The Long Investor

$BABA TOP 20

Added 2023-11-17 12:26:24 +0000 UTC

$BABA has gone below the May low of $77.80 in the PM today so this means that we cannot be in Wave 3 yet, we need to see where support is found before we can set Wave 2, so I have provisionally placed the Subwave C and Wave 2 at the bottom yellow wedge trend line and $73.30 and the 0.78 Fib, this is an area of interest for me if $BABA opens weak again today.

As soon as support is comfortably found, I will add again.

There is much discussion on the absurd reaction to $BABA's earnings release but like I said yesterday, the market hates surprises and those who were already nervous of holding $BABA in the first place likely reacted and sold.

I am not one of them, not when I see as much value as this available right now. This is a perfect example of when people panic react, I buy.

It may take a few weeks or months for the benefits to surface but that is not an issue for me.