The NetEase share price continued to rise last week. Although there was a slump of around 10% last Thursday, the share price recovered quickly. We primarily expect the magenta-colored wave (b) to continue moving upward. Ideally, we expect the high of this corrective rise to be just below the resistance at $134.44. From there, the price should then sell off significantly in order to complete the beige-colored wave II. However, our alternative scenario (33% probability) should not be ignored. It sees the price in the green wave alt.(B) on a break of the resistance at $134.44. Consequently, within this scenario, the price should continue to rise (albeit correctively) before a sharp sell-off.
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🚀 Spot trends early with momentum, sentiment & price structure
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