Alibaba Wave Analysis – 8 May, 2020

• Alibaba rising inside impulse wave (3)
• Likely to rise to 207.0

Alibaba continues to rise inside the medium-term upward impulse wave (3), which started previously from the key support level 190.00, intersecting with the lower daily Bollinger Band.

The support area near the key support level 190.00 was strengthened by the 50% Fibonacci correction of the previous impulse wave (1).

Alibaba is expected to rise further toward the next resistance level 207.0 (top of the B-wave of the previous ABC correction (2)).