• Alibaba broke support level 100.00
• Likely to fall to support level 80.00
Alibaba recently broke the round support level 100.00 standing close to the support trendline of the daily down channel from the middle of January.
The breakout of the support level 100.00 accelerated the active impulse waves (v) and 3 of the intermediate impulse wave (5) from January.
Given the clear daily downtrend – Alibaba can be expected to fall further toward the next round support level 80.00 (target for the compleiton of the active impulse wave (5)).
Source: Fxpro
