Long

Baidu ($BIDU) Long-Setup into earnings

Updated

Certainly not an unambiguous count. Going with the expanding diag shown, the proposed sideways correction can be counted in multiple ways.

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Sticking with the bull case, an alternative count to keep in mind, which would allow a deeper and longer correction

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And the (short-term) less bullish alternative:

Assuming the move at the end of 2022 as an impulse, the following correction might just not be done yet, which would easily leave room down to 100.

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Went a bit deep, but stopped at the 78.6% fib retracement level, so the original yellow count might've played out.

A retracement might be worth a buy. The other variants shown previously should be kept in the back of the mind though, since in both of them we might've just finished an A-wave to the downside.

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Noteworthy spot here

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So far developed more like shown in the update on Aug 16.

Still seeing three possibilities for the bullish case.

Something along those lines:

Or a triangle X wave like this:

Or a different variation with a triangle, where the initial impulse is counted differently (with a slight truncation in the wave 5):

I suppose one more alternative would be a mix between Nr. 1 and Nr. 3, which would have to go quite a bit longer and lower though, so not something to focus on at this point:

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The WXY possibility originally proposed almost half a year ago (compare Aug 16 update) might've played out here:

Holding that 100$ level (and closing the gap there) would be something to watch.

TophatPandaMagician

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