BABA suggests the formation of a bearish corrective trend, which takes the form of a cycle triple zigzag w-x-y-x-z.
Currently the actionary wave y and a small intervening wave x, which has the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, have ended.
Now the final actionary wave z is currently taking place. This takes the form of a primary standard zigzag Ⓐ-Ⓑ-Ⓒ, as shown in the chart.
We saw the completion of the primary wave Ⓐ in the form of an impulse (1)-(2)-(3)-(4)-(5). Also, the correction wave Ⓑ in the form of an intermediate double zigzag (W)-(X)-(Y) could come to an end. In the near future, stocks could continue to fall in the primary wave Ⓒ in the form of impulse (1)-(2)-(3)-(4)-(5) to 50.55.
At that level, primary impulse wave Ⓒ will be at 161.8% of impulse Ⓐ.
Another variant shows a situation in which the formation of a cycle intervening wave x continues.
The intervening wave x will likely take the form of a simple 3-wave zigzag Ⓐ-Ⓑ-Ⓒ of the primary degree.
Now the price is in the wave Ⓒ. The entire wave Ⓒ is similar to an ending diagonal of the intermediate degree. This will be confirmed when the final sub-wave (5) is formed in the form of a minor zigzag ABC, as shown in the chart.
The final of the ending diagonal should be likely near 150.14. At that level, cycle intervening wave x will be at 38.2% of actionary wave y.