Alibaba Wave Analysis – 31 January, 2022

• Alibaba reversed from support zone

• Likely to rise to resistance level 135.90

Alibaba recently reversed up with two Dojis from the support zone lying between the key support level 116.00 (which has been reversing the pair from the start of December) and the lower daily Bollinger Band.

The upward reversal from this support zone stopped the earlier minor impulse wave 3.

Given the strength of the aforementioned support zone – Alibaba can be expected to rise further toward the next resistance level 135.90 (which stopped the previous waves (2) and 2).