The recent bloodbath in Chinese stocks has taken a toll on many shareholders.
Have we seen the bottom for a stock like baba ?
in my opinion, not yet.
Doing a quick time count analysis, the down leg took 19 days and the retracement up to 50% (perfect time and price set up) took 10 days (which is ~50% of the time down). 50% price retracement and 50% of time.
As you can see, the volume is also decreasing in the last 2 weeks.
My target is 127.50 for baba in the next month or so.
Have we seen the bottom for a stock like baba ?
in my opinion, not yet.
Doing a quick time count analysis, the down leg took 19 days and the retracement up to 50% (perfect time and price set up) took 10 days (which is ~50% of the time down). 50% price retracement and 50% of time.
As you can see, the volume is also decreasing in the last 2 weeks.
My target is 127.50 for baba in the next month or so.
Comment:
it just keeps dropping..... sep 15 - 155 now
This seems to make sense as this is a Gann key date.
Sep 21 also coincides with monthly cycles for last 3 months ..