$BABA
Added 2023-08-01 13:02:38 +0000 UTCGood day yesterday, we can see that the price action tested the 1 Fib again at $99.72 and bounce to finish the day 1.6% up, I added a small bit to my $BABA holding when this happened for a number of reasons:
1. It continues to make higher highs and higher lows.
2. It tested an important Fib level and bounced.
3. My Subwave 5 target is $120 but my Wave 3 target is $180 EOY....which equates to another 100% gain for me if this continues on track.
4. Positive news continues to flow from Chinese policy makers and although manufacturing numbers were down today from China, this will add more pressure on policy makers to keep pushing with their stimulus measures......China is in a very strong position, with the fact that they have QE at their disposal to stimulate their economy.....a lot of economies around the world would love to be in this situation but their inflation numbers are still too high to really utilise QE.....China's inflation sits just under 1%.....which is far below the 2% standard for a fully functioning economy
Comments
With HSI and BABA(9988) taking a hit today, will you considering averaging down further if BABA opens lower in the next US session?
Lin Weiyuan
2023-08-02 03:43:25 +0000 UTC
