123Tom's TA study group

[123tom]

AVXL chart ends the week...

trying to climb again
Degrees of bias ,depends on what your bias sees here.... bearish staying below the 3.54 /200ma
bullish that it has climbed ok off the 3 dollar bottom, small higher steps and higher lows holding ... so far... call it neutral around 3.40 area. Enough price action has played out to show the steps in the structure...Critical support at 3.35/3.30/3.25/3.20 area,the upward climb now needs the 3.35/3.30 steps to become support holding.
and overhead is the weekly 200ma a key magnetic line now on the chart.
Above the 200ma are the next set of targets in the 3.70/3.80 area. and above that becomes the 4 dollar target zone.

In my view of bias sentiment currently.... its looking like the 3 dollar zone has a chance to be the bottom now. As we see small steps climbing higher,it looks ok, not great but ok, and the next big test will be the next bounce, has to break thru the 200ma /3.55 and target the 3.70-3.85 area,to show some strength, then has to show support strength in a pullback to retest the 200ma and see if it becomes a support line. This is the next battle pattern setting up if/when we get the next bounce .
First,I expect to see a hit of the 3.55 line, and a plunge down from it that retests the 3.40/3.35/3.30 support, as the next battle test.
IF support holds there, I would be looking for a rally bounce to break thru the 3.55 and target 3.75/3.80 area. Then another pullback to retest the 200ma ,this time as a support line. Zig zagging around that 200ma and the 3.70 area, the daily 50ma around 3.65 area, sideways for a while, then the next rally effort to aim for the 4 dollar target zone. Look at the road map and see the tracks how this might play out.

Would MM's and sellers and LPC financiers be intending to try and take the rally bounce down again? from 3.75 back to 3.25? or back to 3.10 again? or would they allow a rally to hit 4 dollars before they take it down again?

The greater rally wave from this Fibonacci math construction has a target zone around 4.50. A suppressed rally is what would stop at 4.00 and 3.80 and get taken down again. at least back to retest the weekly 200ma at 3.55