I am looking at this pull back now as the potential Wave 2 because of how deep it has pulled back and this is the post earnings reaction.
Right now we can see that the 50 Day MA was tested yesterday and held, which is just above the 0.618 Fib, price has now bounced +2% in the PM now, likely down to a reaction from $BABA's earnings.
I am looking for a hold now above the 50 Day MA and 0.618 Fib at $86.