forex.pm forex forum binary options trade

Forex news -forex broker review => Forex => Topic started by: PocketOption on Oct 15, 2022, 06:03 am

Title: BABA Standard or Double Zigzag?
Post by: PocketOption on Oct 15, 2022, 06:03 am
BABA Standard or Double Zigzag?


The BABA formation hints at a bearish corrective trend taking the form of a cycle triple zigzag w-x-y-x-z.


At the moment, the market is in the final part of this pattern. We see a completed actionary wave y, which has the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, and a second small intervening wave x.


Now the final actionary wave z is under construction. This takes the form of a primary standard zigzag Ⓐ-Ⓑ-Ⓒ, as shown in the chart.


The primary wave Ⓐ has the form of an impulse (1)-(2)-(3)-(4)-(5), and the correction Ⓑ is an intermediate double zigzag (W)-(X)-(Y). Shortly, stocks could continue to fall in the primary wave Ⓒ in the form of impulse (1)-(2)-(3)-(4)-(5) to 49.33. At that level, primary impulse wave Ⓒ will be at 161.8% of impulse Ⓐ.



The second chart shows a situation in which the formation of the cycle intervening wave x continues. Here, the intervening wave x will take the form of a double zigzag Ⓦ-Ⓧ-Ⓨ of the primary degree. The first two zigzag sub-waves Ⓦ-Ⓧ have ended.


Wave Ⓨwill take a standard zigzag structure (A)-(B)-(C), as shown in the chart.


Prices should move towards 149.02. At that level, cycle intervening wave x will be at 38.2% of actionary wave y. The first target for bulls is 126.39, which is at the intermediate impulse (A).


Trade over 200 of the hottest stock CFDs with spreads starting from 0.0 pips - Open your Orbex account today!


 

 

The post BABA Standard or Double Zigzag? appeared first on Orbex Forex Trading Blog.


Source: BABA Standard or Double Zigzag? (https://www.orbex.com/blog/en/2022/10/baba-standard-or-double-zigzag)