BABA Reacts Negatively After Initial Earnings Pop. What Could it Mean?

BABA-- strong earnings reported this morning, but lousy technical price action that has seen an initial 4% gain in reaction to the news, followed by a 5% downside reversal. The interesting aspect of the downside reversal is that the intraday high smacked into key resistance at the June-Aug. resistance line AND the horizontal 200 DMA, both in the vicinity of 186.60. This is very negative technical action, and indicates to me that all of the action in BABA from the 8/15 low at 165.39 to today's high at 186.50 represents a completed recovery bounce, and the initiation of a new downleg that should break the 165.39 low, which could unleash a very powerful decline towards 130-125... Last is 174.35/50