Alibaba $BABA has been consolidating, but broke above a key resistance around $178.80 last week. However, the breakout was not strong and unconvincing. Alibaba Daily Chart(click to enlarge)Pullback into Bearish Correction?- As we can see on the daily chart, $178.80 was a common resistance since late July.- Last week, price broke above this resistance, and edged up to $184 before retreating. - This week, price started to pullback under $180. - This could very much a failed bullish breakout. Price action certainly looks that way. Furthermore, RSI held under 60 for the most part. If it pushed to 70, then I would be more convinced of the bullish breakout.- Instead I expect a deep pullback to test the $164-$165 area. - If this area does hold as support, then I would regain some confidence for the bullish outlook.- However, a break below $164 would signal more bearish correction in late 2019. - $150 would be the next critical support for BABA. - I have some dry powder at $150 and $135 as I rotate out of my current exposure around $179.50.