BABA update 4/29/2015: still struggling with that good old S/R zone

Some of you have asked me about BABA and so here’s what we have so far: a sideways mess, just like the market, over the past 2 months, with price unable to break through the important S/R zone as already identified 6 months ago. Forewarned is forearmed 😉 Therefore I think BABA wants to seek out the lower extensions, probably the 138.2 and 161.8% to complete c; $79ish and $75ish. After that, a trade-able bottom should be in. Until then, watch that S/R level, as long as price remains below it, there’s nothing for the bulls to be had.

click to enlarge

BABA update 4292015


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