– Alibaba broke key support level 78.00
– Likely to fall to support level 74.00
Alibaba Group today opened with the downward gap breaking below the key support level 78.00 (which has been reversing the price from the middle of May).
The breakout of the support level 78.00 coincided with the breakout of the 61.8% Fibonacci correction of the previous upward impulse C from April.
Given the strength of the active impulse waves 3 and (C) and the weekly downtrend, Alibaba Group can be expected to fall further to the next support level 74.00, former support from the end of April.
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