Alibaba Group (BABA) Price Analysis; Topping Pattern Confirmed

BABA broke down from this topping pattern initially on the 5th September but found support at the level of a gap on the 17th August. After trying to push back in to the pattern, it has today printed new lows putting the downside target back in play. This downtrend has the potential to push all the way down to the 61.8% retrace of the 2015 - 2018 rally, particularly given the relative weakness being seen in the China tech space. First target though is ~132, the projection from the pattern breakdown.