With China's drastic growth cut and terrible net export numbers, 
BABA is coming under pressure, both from internal and external consumption from growth and trade optics.
We have a beautiful Island reversal setup that is playing out as we speak.BABA tried for a knee jerk recovery but today is failing, and this is an excellent short setup for the next leg down.
We have the yearly neutral pivot around $160, which should serve as a good first target.
I've circled in red the two gaps that compose the island reversal. This is a strong reversal pattern. The trade would be invalidated if we made a high higher than island reversal. However, given the narrative and the technical setup, this looks like a strong trade. I'm personally short.
BABA is coming under pressure, both from internal and external consumption from growth and trade optics.We have a beautiful Island reversal setup that is playing out as we speak.
BABA tried for a knee jerk recovery but today is failing, and this is an excellent short setup for the next leg down.We have the yearly neutral pivot around $160, which should serve as a good first target.
I've circled in red the two gaps that compose the island reversal. This is a strong reversal pattern. The trade would be invalidated if we made a high higher than island reversal. However, given the narrative and the technical setup, this looks like a strong trade. I'm personally short.
Catatan
More negative news out of China today. This trade is developing quite nicely.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.