I like all those pivot points. for AVXL
looks like basically this week peaks at 6.15....... that's a 1 dollar move from the 5.17 low. these 1 dollar moves in play. The Fibonacci numbers, easy math when its a 1 dollar move, you know the 162% target is 1.62...and that gives us the 7.75 target area.
6.44 is also magnetic on the chart. the low target seems to be the one at 5.60 now. I cant see it hitting the one at 4.80 any time soon.
but still,C, the climb has not broken thru the 6.64 to make any new highs yet, this is still a resistance zone here at 6 dollars. there is a shoulder zone at 6 dollars and the 5.80 area. IF it doesn't keep climbing and eventually make new highs, it could get capped here below the 6.64 peak, that's always a risk, and then if we get a more serious pullback from that failure, we could see the targets at 5.60 and the steps lower get hit again.
Too soon to see that developing at the moment, it all depends on where the current rally loses steam and doesn't go any higher. there would be some serious selling at that moment,I believe. but maybe when that does happen we might see the 1 dollar move just goes from 6.40 down to 5.40 .I like the target step at 5.40
that pivot point at 5.60 looks also like a key spot on the chart, where the rally has current support that held. like the 5.70 step the other day,when 5.70/5.75 held strong.
When the next resistance kicks in and the rally stops, if it happens at 6.40 ,the 1 dollar move would be to target 5.40
There are 1 dollar moves setting up. maybe 2 dollar moves some day as well.
