Alibaba Wave Analysis – 02 January, 2020

• Alibaba reversed from key support level 210.20
• Likely to rise to 217.40

Alibaba recently reversed up from the key support level 210.20 (former multi-month resistance level which stopped the previous weekly impulse wave I in the middle of 2018).

The upward reversal from the support level 210.20 continues the active short-term impulse wave 5 of the medium-term upward impulse sequence (3).

Alibaba is likely to rise further toward the next resistance level 217.40 (top of the previous impulse wave 3 from the end of 2019).