Anavex Life Sciences Corp (AVXL)

[123tom]

Intraday price action today....


so far, resistance at 4 dollars slammed down AVXL at the open, as I expected, to retest the 3.80 target. 3.80 held strong so far, bounces back, but still looking a bit sheepish (or would that be 'sheeple-ish') trying to retest 4 dollars. That 4.00-4.05 shoulder zone of resistance, even around 3.97 has another plunge setting up,if the bulls cant push it thru 4 dollars,and thru 4.10, this is a topping zone, for a 4.20 target already hit. the pullback is the game now, and so the star player is the 3.80 support Holding a second time. very key now to see that same 3.80/3.85 steps, continue to be the best support here, and maybe the rally can find one more bounce to the next target at 4.30 area. 4.30, like 4.20 can retrace right back to 3.80 all over again. in this kind of pattern. so zig zags in this zone around 3.80-4.00-4.20 area can go like this. ....as long as 3.80 support step Holds strong. its even possible that some real news could generate a greater rally to target 4.60 and 4.90 area in this cycle. but I wouldn't want to get too brave in that outlook.just yet. step by step,fights a battle, as you saw 4.10 first, then a pop to 4.20, gets hammered down to 3.80, and this morning again,
On the greater pullback potential now...it all depends on whether 4 dollars continues to fail ,any strong selling force here at 3.97 area could generate a 20 cent drop to the lower target 3.77 today, maybe 3.67 tomorrow. and here's the road map for that.
I'd say the odds of a rally to retest 4.25 area, or a pullback continue down to test 3.70 area ,odds are 50/50 right now.

My bias is for the pullback this week,and the targets 3.75-3.65 area, and that pesky gap at 3.65 ,right there.

What strikes me most in the current price action is that its ALL Technical , controlled, and right to the technical targets, with computer-like precision. (4.10) (4.19) Plunges to 3.82 support (twice)... its all Technical and following the tracks Ive plotted. Fibonacci math works again.

Resistance at 4 dollars,targets 3.70 /3.60 area IF 3.80 Fails. Support at 3.80 holding, helps a bounce try to break thru the 4.00-4.10 resistance shoulder, but targets are at 4.20/4.25/4.30 and I'm not looking at the higher pie in the sky targets just yet. (4.60-4.90)


The Elliott wave pattern is making what looks like a zig zag "wave 4" here from 3.80-4.10, so far ABC, we could see two more, to make it ABCDE, and then the rally bounce could test 4.30+ ,maybe next week. hard to forecast that yet. But also, the Elliott wave pattern could be looking at a "wave 2" pullback now, from the "Wave 1" if this first rally is finished at 4.20...,looking at a retrace target zone 3.77-367-3.57,IF that's the current road map track price is made to run on.

NONE of the price action is "caused" by any news,"news" articles, bashes, or anything like market wall street babble. Its all technical computer driven to precise targets that can be seen ,points from resistance and support. its all technical these days.