BABA Inverse H&S setup Target 260 after completion
Updated
Not financial advice
Trade idea moving forward.
Wait for rejection of 125 level and see if we come back to around 80-90 range.
80-90 be my order areas with a long term target of completion of this structure at 260 level
Seems to be we have an inverse Head and shoulders setup going on here with a pullback to the 80-90 range that should in theory push us up to around the 235-260 mark upon completion.
Oversold on shorter time-frames but undersold on the 3 month charts
So a pullback here to be expected but the rejection of 4k of spx is telling as well.
Trade idea moving forward.
Wait for rejection of 125 level and see if we come back to around 80-90 range.
80-90 be my order areas with a long term target of completion of this structure at 260 level
Seems to be we have an inverse Head and shoulders setup going on here with a pullback to the 80-90 range that should in theory push us up to around the 235-260 mark upon completion.
Oversold on shorter time-frames but undersold on the 3 month charts
So a pullback here to be expected but the rejection of 4k of spx is telling as well.
Note
I put the warning out almost a year to the date about BABA crashing and I got nothing but fire from hell spewed at me so please keep comments nice. Thank you. I only post what I see. Sometimes it's right sometimes it's wrong
Note
Worked out as anticipated said to short between 80-90 when it was trading at 115-120
A 30% short since
See if this inverse Head and shoulders holds up
Trade active
73.00 has to hold.That is the bottom of the left shoulder.
Losing 73.00 we could be sweeping the lows
So 73.00 is key
Trade active
Made this call on Jan18 2023 when it was trading at 120.00 there was a big short to come back to right shoulder. 9 months later here we are. We are testing the 50week Moving Average currently on the weekly. But idea hasn't still changed target of 280.00 long term. On a inverse head and shoulders reversal pattern.
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