$BABA Should Be in Minute Two Wave

$BABA looks to have completed minute (blue) one off its low. I would like to see a small rally (to orange b), followed by a second decline to the small orange box beneath us prior to a rally to the box above us where minute (blue) three is sitting.

BABA


[UPDATE]: Alright, we got the little rally to minuette (orange) b, and we’ve now fallen to the target range for minuette (orange) b (minute [blue] 2). I will file this under “Successful Calls.” I am not yet going to insist that minute (blue) 2 has completed. There is still some risk that the major cycle 2 is not yet complete. I believe there may be risks in the market as a whole here, and so cannot call for renewed upside on this one just yet. I will monitor it and if I see a development that can help me to confirm that a major low is in, I will be sure to create a post about it.

BABA

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