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).
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