BABA Possible head and shoulders!
Updated
6 months of correction after +100% of Baba stock..
Well, there is a strong resistance at 119-129 which was the last top and nearest strong support 80.
Looking at a bigger frame we clearly see possible an inverted head and shoulders pattern on weekly frame or call it a cup and handle pattern!
It is better to have entry after the full pattern completed to be ensure.
On Elliott waves method, it is about to start the third wave.
Well, there is a strong resistance at 119-129 which was the last top and nearest strong support 80.
Looking at a bigger frame we clearly see possible an inverted head and shoulders pattern on weekly frame or call it a cup and handle pattern!
It is better to have entry after the full pattern completed to be ensure.
On Elliott waves method, it is about to start the third wave.
Trade closed: stop reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.