Alibaba $BABA has been in correction mode since it peaked just above $210 in June 2018. Since then, price has slid to $130 where it found support twice as we can see on the weekly chart.BABA Weekly Chart(click to enlarge)The $170 Pivot:- On the weekly chart, we can see a very apparent price top where the neckline was in the $165-$170 area. - After price broke below the neckline, it came down to $130.- We also saw price come back to test the $165-$170 area, and the market resistance this as resistance.- As we begin the new year, price is again rebounding from $130 and heading up towards the $165-$170 pivot.- It would be interesting to see if BABA will break above $170.- A break above $170 would be a bullish continuation signal especially if the RSI pushes above 70.- On the other hand, if price holds under $170 and the RSI under 60, we would still be looking at a bearish market, although it may have flattened. - In the scenario where resistance holds, we can still anticipate downside towards $140. - If price does not reach $170 and instead find resistance at $165 or $160, we should have more confidence of BABA falling back to $130 and maybe even lower to a pivot around $119-$120.