Is BABA Poised to Start a New Upleg?

Today's 3% thrust in Alibaba Group Holding Limited (BABA), largely in reaction to the company's announcement of a joint venture with Marriott, has the right look of the initiation of a new upleg after the completion of a correction from 160.39 (7/27) to 149.10 (8/02), which, if accurate, points BABA towards new all-time high targets in the vicinity of 163.00, 166.00, and possibly 175.00.

Interestingly, my work argues that BABA's medium-term chart structure exhibits a very bullish "curvature" that is similar in form to, Inc. (AMZN) during its Jan 2017 period prior to its vertical thrust from 780 to 1080. 

Earnings are due out on August 17. Given the juxtaposition of the chart set-up with the earnings release, I would not be surprised to see BABA climb into, and in anticipation of, very positive earnings results.

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