AI
Thursday, July 20, 2017 6:14:04 PM
Probably now, a more clear chart picture...AVXL
check this concept out.
For the last several months, we were watching in AVXL what looked like a Range Pattern.... with a peak at 6.64 (6.64/6.49/6.30), and a "Bottom" range around 5.50/5.60
There was a Bottom zone parameter set at 4.95, because that 6.64 peak got hammered back down in 3 days time, to stop and reverse up at 4.95...the 5 dollar bottom zone, ok. and for a few months, the chart was crafting a rising wedge for a 'bottom zone' sliding sideways around 5.55 area as the "range low"... that pattern had us all 'believing' that the 5.50 area might Hold as support and the ongoing rally pattern would climb or surge to the rally target zone 7 dollars and 8 dollars, as good news gets released, this was the target for April "good news" rally time. This rally fizzled out, and ever since then, the bleeding down game has taken AVXL back down, to hit the 5.50 "bottom zone" like it did, it continued into May and June to make us 'believe' the 5.50 might hold. At that time, a month and a half ago, my chart vision was seeing the target zone at 5.30 as being in play, so I waited and watched. Then finally the 5.50 base 'bottom' was broken down, and we get this downwave that looked like it might hold a base at 5.10, and these pivot tails around 5.13/5.17 looked ok. but the bounces from this zone were getting hammered down at 5.55 now. and that 5.55 giant base that was support , started becoming Resistance, (and now is Still a big wall of resistance waiting for the next time to come)
So now the Range Pattern had hit the 5.10 bottom zone last week, and 4.95/5.00 steps were waiting. it was easy to anticipate those lower steps. we got those drops to 4.95 the other day.
IF this was going to hold as a critical Range Bottom, at 4.95 we needed to see a good bounce today. INSTEAD, we saw a shattering, and it was a shattering of the "Range Pattern" altogether. might be safe to say its been broken now.
and so Now, what we have, to look at , is easier to see.because when you eliminate the Range Pattern from the task, you are left with the only remaining pattern , and that's the one that says, a Rally from the 2.43/2.76 Bottoms ....to... the peak at 6.64/6.49 is the Finished rally, and that is what gets examined now. The first thing I do is place the Fibonacci retrace on it. and you get this for a 'pullback zone' and that's the main picture now...and it explains what a downwave might be doing now, and where the basic Fib targets are, and its about the 2.43/2.76 bottom to the 6.64/6.49 top. The 50% Fib is at the 4.50 area and it looks like they are taking price into the zone now.
I still like the idea of experimenting with different "bottoms" to start measuring from. those pivot lows above 2.76 that I remember are at 3.11/3.31/3.51/3.88/4.00 I draw Fib retrace on all of these, and see what it all looks like. for targets in this pullback.
...........................................................
check this concept out.
For the last several months, we were watching in AVXL what looked like a Range Pattern.... with a peak at 6.64 (6.64/6.49/6.30), and a "Bottom" range around 5.50/5.60
There was a Bottom zone parameter set at 4.95, because that 6.64 peak got hammered back down in 3 days time, to stop and reverse up at 4.95...the 5 dollar bottom zone, ok. and for a few months, the chart was crafting a rising wedge for a 'bottom zone' sliding sideways around 5.55 area as the "range low"... that pattern had us all 'believing' that the 5.50 area might Hold as support and the ongoing rally pattern would climb or surge to the rally target zone 7 dollars and 8 dollars, as good news gets released, this was the target for April "good news" rally time. This rally fizzled out, and ever since then, the bleeding down game has taken AVXL back down, to hit the 5.50 "bottom zone" like it did, it continued into May and June to make us 'believe' the 5.50 might hold. At that time, a month and a half ago, my chart vision was seeing the target zone at 5.30 as being in play, so I waited and watched. Then finally the 5.50 base 'bottom' was broken down, and we get this downwave that looked like it might hold a base at 5.10, and these pivot tails around 5.13/5.17 looked ok. but the bounces from this zone were getting hammered down at 5.55 now. and that 5.55 giant base that was support , started becoming Resistance, (and now is Still a big wall of resistance waiting for the next time to come)
So now the Range Pattern had hit the 5.10 bottom zone last week, and 4.95/5.00 steps were waiting. it was easy to anticipate those lower steps. we got those drops to 4.95 the other day.
IF this was going to hold as a critical Range Bottom, at 4.95 we needed to see a good bounce today. INSTEAD, we saw a shattering, and it was a shattering of the "Range Pattern" altogether. might be safe to say its been broken now.
and so Now, what we have, to look at , is easier to see.because when you eliminate the Range Pattern from the task, you are left with the only remaining pattern , and that's the one that says, a Rally from the 2.43/2.76 Bottoms ....to... the peak at 6.64/6.49 is the Finished rally, and that is what gets examined now. The first thing I do is place the Fibonacci retrace on it. and you get this for a 'pullback zone' and that's the main picture now...and it explains what a downwave might be doing now, and where the basic Fib targets are, and its about the 2.43/2.76 bottom to the 6.64/6.49 top. The 50% Fib is at the 4.50 area and it looks like they are taking price into the zone now.
I still like the idea of experimenting with different "bottoms" to start measuring from. those pivot lows above 2.76 that I remember are at 3.11/3.31/3.51/3.88/4.00 I draw Fib retrace on all of these, and see what it all looks like. for targets in this pullback.
...........................................................
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