Alibaba- An Elliott Wave approach. Feedbacks are appreciated.

Jul 13, 2021

For now, the price has bounced off from the golden level of wave 1 of current degree. But this might be wave 1 of one larger degree which has just finished. So need to observe what the price action does in the coming future. If the price breaks the level of b, then we can add on the position in our previously entered position at the successful breakout of the wave 4 of micro degree. You can put a tight stop loss below the current low and re-enter or just ignore as per the future price actions or wait till the wave count completely gets invalidated to get stopped out as per your risk appetite. Normally entries are done in the retracement after successful breakout of the last high. there is also positive RSI divergence across the latest lows.
Please correct me. I would be more than happy to learn from you.
Happy trading.