$BABA
Added 2023-07-06 09:39:55 +0000 UTCFlat day yesterday after starting red at the opening so nice recovery and again we can see that the market is showing a wall of red in the PM again today, so the market is showing little signs of stress but buyers appear to be stepping in most days in spite of this....this is across the market.
Like I said yesterday in the Telegram group, I am watching for this staying outside the wedge and watching for the 0.78 Fib level in green at $81.35.
This is a valid Wave 2 level to hold, a little lower than the standard 0.618 Fib we always aim for but we know that $BABA is looking for some good news from the Chinese govt.....which may not be an ideal scenario to be in, fresh tensions may not be helping here between China and the US either.
My one concern here is that the 50 Day MA has slightly crossed down over the 200 Day MA but there has been a lot of this on the $BABA chart, so for now, ill monitor it.
Either way, I am holding $BABA, its long term and will add when it confirms its reversal and I will also add if it goes into the buy zone.
