BABA Follow-Up - Market Analysis for Apr 13th, 2023
BABA Follow-Up: BABA looked like it was going to launch out of Bull Flag formation on Tuesday close (see my Coverage List Post), but nosedived yesterday beneath my line in the sand near-term support level at 96.00, only to spike down to my optimal next "Turn Zone" from 92.50 to 89.25.
As it turned out, BABA hit a low at 89.50 yesterday, from where it has ripped to the upside to today's high at 97.19 so far. At the moment, I have preliminary signals that 89.50 represented a completed correction of the prior upleg from the 3/20 low at 79.48 to the 3/30 high at 105.05, which if accurate, means that ANYONE INVOLVED OR WANTING TO BE INVOLVED IN BABA SHOULD HAVE STOPS JUST UNDER 89.50.
While I cannot rule out another loop down that nears a test of 89.50 (93 to 91 in any case), my pattern work so far suggests strongly that BABA is in the early stages of a new upleg that should challenge and take out the March high-zone at 103-105, thereafter in route to 106.50 to 108.00... Last is 95.74...