I'm trying to find a new screen capture tool. I like Jing,but they limit my bandwidth and I run out cause I use it too much. haven't found another one yet. still trying..
yes, this was a big collapse of the range pattern, that had a base at 5.50, but if you think the "Range" extends down to the pivot lows at 4.95 and 5.17, then you could say we're still in the "range pattern" but I'm not sure how that will play out. Short sellers are salivating now aren't they? Brokers are asking shareholders to loan their shares out. whats the short % on AVXL,can you see any clues in that?
I think for me, this drop from the safe zone above 5.50 to the 5.10 low...has changed the picture now. All those shares I bought at 5.70/5.80 ,even 5.60,are all dangerous to own, because that zone is where resistance kicks in now, and IF we see another short attack it could happen right there and I'll be stuck holding all these shares that I bought around 5.70/5.60.while I watch price fall down again.I don't want that. I have to sell those trading shares I bought at 5.80 area and get that money back now. then I can buy more below 5.40 if it happens.
this awful chore we have to do sometimes.
I have to sell those shares.
So I'm a buyer below 5.40 and a seller of trading shares around 5.70-5.90.
What I'm looking for is 2 possible tracks now.
a bounce that continues to target the 5.50-5.75 resistance,and then gets hammered down from there again, to retest however low it can go next time. a retest of 5.25 and 5.10. or lower to 5.00-4.90 area, would we also see more bounces and lower dips all the way to 4.50? its possible. so its just a lot of work to buy and sell all the way down. but I have to sell that resistance zone now. (5.80 area)
That bounce could show strength enough to hit 6 dollars or it could be weak enough to get hit hard at 5.50/5.60
How strong will be the next short selling when they attack it? is a big question to watch for now.
The other possible track I'm watching for is that we might see the next selling attack even sooner,before it even hits 5.50, if the sellers are really intent on slamming this down, the resistance could start at 5.45 area just overhead, very soon, and in that fast failure,(as a wave 4 turning into a wave 5) could be a continuation of the current downwave to retest 5.10 and lower targets. it would be like a wave 5 coming off a shallow bounce now, this bounce that's hit 5.35 now but fails Monday to everyones dismay, at 5.45 area... I don't expect to see that failure so low, because this 5.10 was a deep drop. hitting the first Fibonacci target at 5.10. the 50% target is 4.90 and the next one after that is 4.70
These are swing pattern targets ,Chuck, and the greater wave structure is this swing pattern now. The Range Pattern, if its still active, might be ok to hold price at 5.10, and we need to see the bounce rally all the way back to at least 6.10....I just have this gut feeling like the party is over for a while and ,I understand there is some kind of newsy thing coming next week.... I'm a little skeptical of these conferences unless theyre about to release new data about great success,or a partnership , this latest investor conference ,look what price is doing afterward.
