Alibaba Wave Analysis – 29 November, 2019

• Alibaba broke strong resistance level 195.95
• Likely to rise to 205.00

Alibaba recently broke the resistance trendline of the daily up channel from the start of October – intersecting with the powerful resistance level 195.95 (multi-month high from May).

The breakout of this up channel accelerated the active medium-term impulse wave 3 of the upward impulse sequence (C) from May.

Alibaba is expected to rise further toward the next resistance level 205.00 (forecast price for the completion of the active impulse wave 3).