Galectin Therapeutics Inc. (GALT)

[123tom]

A technical chart observation here....

Elliott wave suggests that a downwave will flow in 3 parts....A down /B up / and C down.

From the 6.58 top zone, downwave has retested the support zone here at

5.58..... and looks like it could hold here for now. IF this becomes Wave A, the bounce ,could retarget the middle zone resistance around 6 dollar area, as Wave B, and IF we see another Failure there, taking price down again, Wave C has the lower targets in play, down to 5 dollar zone again, but various stair steps of support could hold anywhere in between.

From the 4.25 bottom area to the 6.55 top zone , Standard Fibonacci levels would show pullback target areas around 5.15 / 5.40 / 5.65

This first downwave move, is already in the zone, but the Elliott wave looks like just the first wave...IF we see a bounce back to 6 dollar zone FAIL there,(like it did today) and become the Wave B, there could be another downwave just like this one, to retest the 5. Fib zone and 5.15 area, and any target points in the zone along the way.

http://stockcharts.com/c-sc/sc?s=GALT&p=D&yr=0&mn=1&dy=3&i=p59050333773&r=1409860380960