BABA - Symmetrical triangle breakout -Daily - LongThe pattern in the Alibaba (BABA) chart looks like a symmetrical triangle breakout, not a descending wedge. Here's how it aligns:
Symmetrical Triangle: This pattern consists of converging trendlines, where both the highs and lows are moving towards a point, forming a triangle. It typically indicates a period of consolidation before the price breaks out, either upward or downward.
Breakout: In this case, the price has broken out upwards from the symmetrical triangle, which is often a bullish signal when seen in an uptrend or after a prolonged period of price consolidation.
Measured Move: The target price is calculated by measuring the height of the triangle and adding it to the breakout point. This gives a potential target around $157.21 as marked on the chart.
Volume Confirmation: The breakout is supported by a surge in trading volume, which helps validate the breakout's strength.
In summary, the symmetrical triangle breakout suggests a continuation of the bullish momentum, with key targets around $117 (first target) and $157 (second target).
