Saturday, November 11, 2017 2:28:31 AM
AVXL Fibonacci Retrace targets....
in both directions...lets look at the downwave Fib retrace first
(Click chart to enlarge the detail.)
Starting with the downwave 8.14 to 3.30 and then the one from 8.30 to 2.43,....(I want to ignore the 14.84 peak for now,because its so convoluted the pumped up rally to 14.84 that collapsed down to 3.16... )
what is more realistic is the successive waves that ran from 3.16 to 8.14 and 3.30 to 8.30.
those waves are a better set to study,being more pertinent to the current price action .Notice the Fib points at 6.29/5.15/4.67 are magnetic now. the other Fib points are as well. These, from the rally that stopped at the 8 dollar zone.
This chart picture shows the set of downwaves and the Fib retrace zones for the bounce,These retrace zones are a resistance zone,where price could rollover and generate the next downwave.
The larger downwave that went from 6.27 to 3.33 generates a Fibonacci retrace from 4.45 to 5.15,with 4.80 in the middle as the 50% Fib .
See how the rally hits 5.14 twice (!?!) as a resistance target topping zone, this is how good the Fibonacci tools are in technical charting. It doesn't get much better than this for good clues.
When the rally peaked at 5.14 and the next downwave fell to 3.80,the Fib retrace for that downwave shows us the resistance retrace zone for that downwave. and then the most recent downwave from 5.15 to 3.86 shows the current Fib retrace Resistance target zone (4.34-4.50-4.65).
All of these Fibonacci retrace zones represent the technical Resistance areas for the current picture, and you can examine what the price action has done when the rallies climbed back into this target zone.
in both directions...lets look at the downwave Fib retrace first
(Click chart to enlarge the detail.)
Starting with the downwave 8.14 to 3.30 and then the one from 8.30 to 2.43,....(I want to ignore the 14.84 peak for now,because its so convoluted the pumped up rally to 14.84 that collapsed down to 3.16... )
what is more realistic is the successive waves that ran from 3.16 to 8.14 and 3.30 to 8.30.
those waves are a better set to study,being more pertinent to the current price action .Notice the Fib points at 6.29/5.15/4.67 are magnetic now. the other Fib points are as well. These, from the rally that stopped at the 8 dollar zone.
This chart picture shows the set of downwaves and the Fib retrace zones for the bounce,These retrace zones are a resistance zone,where price could rollover and generate the next downwave.
The larger downwave that went from 6.27 to 3.33 generates a Fibonacci retrace from 4.45 to 5.15,with 4.80 in the middle as the 50% Fib .
See how the rally hits 5.14 twice (!?!) as a resistance target topping zone, this is how good the Fibonacci tools are in technical charting. It doesn't get much better than this for good clues.
When the rally peaked at 5.14 and the next downwave fell to 3.80,the Fib retrace for that downwave shows us the resistance retrace zone for that downwave. and then the most recent downwave from 5.15 to 3.86 shows the current Fib retrace Resistance target zone (4.34-4.50-4.65).
All of these Fibonacci retrace zones represent the technical Resistance areas for the current picture, and you can examine what the price action has done when the rallies climbed back into this target zone.
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