Alibaba Wave Analysis – 6 July, 2020

• Alibaba broke key resistance level 230.00

• Likely to rise to 240.00

Alibaba recently broke with the sharp upward gap above the key resistance level 230.00 (former multi-month high from January and June).

The breakout of the resistance level 230.00 should accelerate the active different-length impulse waves (iii), 3 and (3). Alibaba is likely to rise further toward the next resistance level 240.00. Strong support now stands at the price level 230.00.