Alibaba recently reversed up from the support area lying between the pivotal support level 200.00 (low of the previous correction (2)), lower daily Bollinger Band and 38.2% Fibonacci retracement of the previous upward impulse from October.
The upward reversal from this support area started the active short-term impulse wave 3 of the longer-term impulse wave (3).
Given the clear daily uptrend – Alibaba is likely to rise further toward the next resistance level 220.00.
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