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BABA Standard or Double Zigzag?

Started by PocketOption, Oct 15, 2022, 06:03 am

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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).

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