123Tom's TA study group

[123tom]

and if you thought that last one was messy...

check out this one. AVXL

What I've done here is draw all the Fib arcs from the 5.15 peak,4.70 pivot,4.50 and 4.20 to the 3.06 pivot low and the 3.20 low,and maybe some to the 3 dollar low as well....that's a lot of arcs.
Then I drew as many as I needed from those lows to the 3.70 and to the Fib projection target (3.90-4.10) and to (4.40-4.75) target zone, and it becomes a big mess to try and look at. But....if you can see it ,see the target zones (3.90-4.00-4.10) as the first rally target zone, you can see how the bounce to 3.70 fell short of the target area.

The 50ma is a key target marker now,at the 3.90/3.95 area.

The daily 200ma at the 4.80/4.75 area is also a big target zone.

The weekly 200ma around 3.52 is also important,currently as a resistance line but needs to become a support line.

The old pivot peaks at 4.70/4.50/and 4.20 are all very important target points in any good rally wave from here.

Looking below now, the current 3.20 point is a critical support point, and the steps below at 3.10 and 3 dollars are critical. The resistance overhead at 3.35/3.45/3.55 are a danger zone, AVXL needs a good bounce to break thru that immediate resistance overhead or else we could be looking at a continued downwave that hits 3 dollars and could break down thru it to target the lower steps (2.90/2.80/2.75) area and maybe on toward 2.50.

This is a technical picture.
If there would come any great News to propel a big rally, then these technical target points would be all broken thru, and we might see a big surge right to the 200 ma around 4.80. for starters. but as a strictly technical picture of Fibonacci geometry and math... its looking bearish,for targets at 3 dollars and maybe down toward 2.50, unless we see a rally bounce now. its the same thing I said 2 weeks ago when AVXL was at 3 dollars and struggling around 3.10 area, just before it jumped to 3.70. This is a critical time for a real rally bounce to happen here and now, and not let 3 dollars break down.

When I said back then,AVXL needs a magical bit of "News", the next day we got the news of the competitors failure. We need another one of those good news things again. I don't care what it is or where it comes from. AVXL has to break away from this 3.20/3.00 zone and rally to target 4 dollars . Then pull back to HOLD at the 3.50 (200ma).

Stare at this chart for a while and then please wait 30 minutes before operating any heavy machinery....

messy chart picture for you