The Long Investor

$BABA TOP 20

Added 2023-08-15 13:50:17 +0000 UTC

Price has now pulled back to the 0.887 Fib and still trying to find support.

This is the daily chart and we can see that the 50 and 200 Day MA is just below at $91.

This is a double support level, if $BABA is going to find support anywhere, it will need to be at this level.

We can see that the blue line is slightly lower at $88 and has been an important bull/bear case line for the last year.

So we have a number of potential support lines coming up, it is clear that the market is trending downwards and putting every stock under pressure not just in China but also in the US....your stocks are not immune from this selling pressure.

Wave 2 and Wave 4 pull backs are like this, this is not the joys of Wave 3.....you need to become accustomed to this because and ABC correction after Wave 5 is even worse.

So this is a good test for you.