$BABA UPDATE
Added 2023-05-18 18:56:29 +0000 UTC5.5% pull back today after bouncing above the previous low where we needed it to, nobody mentioned the 12% jump but a lot of people spoke about the 5.5% decline and of course, declines hurt a lot more than the joy of seeing a bounce.
That being said, we need the dust to settle to see what the market really thinks. So far, the count is still valid and the pull back is between the 0.5 Fib and 0.618 Fib, we could get a relief bounce tomorrow and then another decline but as long as we hold the Fib levels shown, the plan remains the same.
My plan also remains the same, I am holding regardless of what happens and will add if this does not hold and proceeds down to the buyzone, $BABA is not a swing trade for me, I am buying it the same way I will be buying $NIO in the buy zone.
If $BABA causes you too much thinking and you are constantly worried about it, make a decision, is it worth the constant attention, I see a lot of talk about $BABA which is remarkable for a stock that has done exactly what I have expected of it so far. Which leads me to believe that people are not confident in it and that might be due to political uncertainties or that it is a Chinese stock.
Take the lesson from this, evaluate what stocks cause you concern and reevaluate what your investing strategy is, the vast majority of our members are long term investors, declines are part of the strategy, if you get worried about a stock that you like declining the moment you buy it, you were not confident in the first place in this company.
When I buy I am prepared to hold long term.
