Anavex Life Sciences Corp (AVXL)

[123tom]

looking at the AVXL pattern
and the coming week.

set up now at support levels getting tested. This 17.50 is a very big place for support and resistance. In recent weeks,as the downwave from the major tops 19.80/19.30 reached the critical target zone (18.45-18.15/ then failing there testing the lower zone at 17.75-17.50) coming down from the rally peaks, the target zone for support was 18.45-18.15-17.75 area for that larger picture, and this support zone failed several times, as price got taken lower and didnt stop until it bottomed at the 16.75 area. This was a bearish energy pushing it back down to bottom zones and not allowing the bullish pattern to develop ,to develop by Holding support AT the key support area (17.45-17.85). Then, as usually happens, we saw 17.75 become capped resistance and then 17.45 area getting plunged down and down to keep hitting 17.00-16.80 (bottom zone)
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Now we got to see another breakout rally ,climb back as high as the 18.20 resistance target. Then the pullback last week, started by capping and failing at the predictable technical target 18.00-17.90 area,as I forecasted, its easy math TA. down it falls the support steps ,and begins to test the support targets now at 17.50/17.40 is next . It could hold here and bounce into the next rally, or it could bounce to resistance around 17.70 area and plunge down again. just needs to be watched. Below this critical area at 17.50, is the entire zone from 17.50 to 16.75 bottom. and these 17.50-17.40 steps are critical to watch. This is the place where the past waves Plunged down to the low bottom zone. several times. in recent weeks.
IF we would ever see an upwave from here this time, it really needs to hold here at the critical 17.45 support area.
There are some nice rally targets waiting above 18.20. 19 dollars is one of them. Faltering at resistance 18.70 is another target for a rally. But as long as the 17.45 area is prone to plunge to the bottom, this is a recent pattern we need to see stop happening. Lets watch the coming week and see what happens next.
AVXL chart

a rally to retest the top or a plunge to retest the bottom.