The nearest target for short positions is 49.00 – Crypto News – Crypto News
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The nearest target for short positions is 49.00 – Crypto News

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The present charts of BABA shares hints at the construction of a bearish trend taking the form of a cycle triple zigzag wxyxz.

We see a completed actionary wave y, which has the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, and a second small intervening wave x, also representing a double zigzag.

Now the formation of the final actional wave z is taking place, which, most likely, will take the form of a primary standard zigzag Ⓐ-Ⓑ-Ⓒ.

The primary wave Ⓐ has the form of an impulse (1)-(2)-(3)-(4)-(5), for the completion of which a minor sub-wave 5 is needed. Its end is expected near 49.00. At that level, unfinished wave z will be at 38.2% of wave y. Then market participants can expect a small correction in the wave Ⓑ

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The second chart hints that the formation of the reactionary intervening wave is not completed. Here it will take the form of a double zigzag of the primary degree Ⓦ-Ⓧ-Ⓨ. The first two zigzag sub-waves Ⓦ-Ⓧ look finished.

Now the price is in wave Ⓨ. It is assumed that this wave will take a standard zigzag structure of the intermediate degree (A)-(B)-(C), as shown in the chart.

The growth of shares should be expected to 140.10. At the level of 140.10, cycle intervening wave x will be at 38.2% of actionable wave y.

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