Alibaba Wave Analysis – 25 August, 2020

• Alibaba broke resistance level 266.50

• Likely to rise to 290.00

Alibaba recently broke through the resistance level 266.50 (which is the upper boundary of the sideways price range inside which the price has been moving from the start of July).

The breakout of the resistance level 266.50 accelerated the active impulse wave 3 – which belongs to the sharp upward impulse sequence (5) from the start of August.

Alibaba is likely to rise further toward the next resistance level 290.00 (target price for the completion of wave 3, intersecting with the daily up channel from March).