(1/2) By request, $BABA. Gonna make some bold projections here. I think a Cycle degree top is in. Chart currently is in a very bearish position with a failed breakout, a failed back test and below the 21 week EMA. But, I see weekly RSI divergence that should...
(2/2)...be enough to get a Primary degree bounce and back test as stocks rise into Q2 2021. As the rest of 2021 I'm calling sideways to bearish, I think $BABA reverses hard in a Primary C of Cycle II that should find rail and 200 week MA support just below the $200 area.
But, there is a very compelling bullish blue count taking $BABA to new all time highs in 2021. Internal fibs on this work very well and call for a much shallower pullback. What happens in the $285 area is key. I'd give this count a 50/50 standing with my initial bearish one.
Because of these very different possible counts, I am very interested in watching $BABA into early 2021.
You can follow @PikesPeakTrades.
Tip: mention @twtextapp on a Twitter thread with the keyword “unroll” to get a link to it.

Latest Threads Unrolled:
Those who think consciousness raising & movement building are disconnected, or even a distraction from electoral politics have not paid attention to the history of social change.In this thread, we
Read more
The 2020s will be known as the Remote Work decadeA few predictions of what is likely to emerge[ a thread ] Third Space: Office and Working from Home will
Read more
1/29: Have you ever had a concept explained to you that helps frame complex issues you’ve been wrestling with and opens your eyes to new possibilities? A concept that I
Read more
By continuing to use the site, you are consenting to the use of cookies as explained in our Cookie Policy to improve your experience.