$BABA
Added 2023-03-31 18:01:37 +0000 UTCWhat a monster this has been, buyers still stepping in as they are optimistic about its future, all the while people are skimming profits as it has run up quickly...a bit of a tug of war here between buyers and sellers, soon one of them will dry up.
The 2.27 Fib is at $105.6, it has not quite reached here yet and is just under the 2 Fib right now, we know a pull back is coming, we just do not know when, it's likely to happen shortly.
There is euphoria around stocks at the moment, there appears to be a feeling that people 1. Do not want to miss out and 2. some stocks are seen as a haven and this is driving the market....both scenarios in my opinion are not healthy....because it shows that people are concerned about other aspects of the economic landscape and they are aimlessly buying what they feel is secure and this does not make the other issues go away.
The remaining issues are still in place, a small handful of stocks are doing well and because they are so large, they are masking the issues beneath.....I think this will drive these stocks to a point of exhaustion and something will have to give.
What is clear is that this is not sustainable for too long.
Comments
Back to Fib 1 is the likely spot to pull back to, Subwave 2 was shallow so Subwave 4 could be shallow aswell, I will add the subwaves again when this shows some movement.
Gareth Neary
2023-03-31 19:15:00 +0000 UTCHey Cap, Wanna start a position , by a pullback at what fib do you anticipate it will land?
Constantinos Laskaris
2023-03-31 18:16:34 +0000 UTC
