Has BABA Completed Its First Major Correction?

Below is what we discussed yesterday about Alibaba Group Holding Limited (BABA).

So far, today’s strength suggests strongly that indeed, BABA has completed a major corrective period from its Nov 11, 2014, high at 120.11 to is Jan, 2015, low at 95.20, and now is in the early stages of a new upleg that is pushing up against a key near-term resistance zone between 104.80 and 106.

If (and when?) hurdled, BABA should trigger upside continuation and acceleration towards a retest of 120.00. 1/21/15

Last Thursday, Jan 15, 2015, low at 95.20 pressed BABA just beneath the 62% retracement plateau of the entire upleg from the Oct 15, 2014, low at 82.81 to the Jan 11, 2015, high at 120.11.

The fact that BABA has turned up in an otherwise challenging overall equity-index environment is an indication that perhaps its Not-Jan correction is complete, and that is it in the very early stages of a new bullish period.

That said, for BABA to really get some upside traction, it must claw its way above 102.60-104.20. 1/20/15

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