Anavex Life Sciences Corp (AVXL)

[123tom]

Holy Smokes, what a day....

A lot to look at on the technical chart.
First impressions to start with.

This downwave that started weeks ago at 4.50,and dropped down the steps to fail along the way at 4.20/4.00/3.87/3.80, etc... always showed the technical signs of continuing to point downward, to whatever target the big money had in mind. Looking for Any support step to hold, would it hold at 3.50 (the weekly 200ma) ? it failed. would 3.33 target hold, it plowed thru that like nothing, in the plunge from 3.80 to 3.01. In the last few weeks, we saw a bounce fast to peak at 3.70, triggered by the bad news of a competitor, and the AVXL bounce to 3.70 got hammered right back down to retest the 3 dollar zone (3.06 held and then 3.10 held) until this week. Price bouncing from the 3.00-3.10 "support steps" back up to the 3.40-3.50 resistance was the playing field to watch, and still the bias was looking downward as support zones at 3.20 /3.25 area were not holding.
and so the other day , while I wanted to hope for a bounce at this 3.10/3.00 support level, the feeling was foreboding, and you had to anticipate what targets were waiting below 3 dollars....and that's what we got today.
WOW.
For technical chart watchers, its instructive to look at the 1 minute/ 5 minute charts and see where the plunges stopped momentarily, those steps are the target markers, and what peaks failed, etc, as the target markers, from the past waves and the future waves to come.

I'm seeing all the key target steps got hit and they are currently in play for any pullback.

2.95/2.90/2.85/2.80/2.75
Overhead in any continued math target bounce, might see resistance tomorrow around 3.15 and if it peaks around 3.20 gets back to where we were the other day with 3.20/3.25/3.30 resistance, to watch for... todays super collapse and super bounce was like the day never happened. I woke up late today and basically missed the whole market. I turned on the computer and saw that the portfolio was about break even, and I said, "Oh, ok, looks like nothing happened today..." neutral is ok. and then about half an hour later I said ,lets take a look at AVXL, and "OMG" wow. Pretty amazing.
So who was capitulating and dumping hundreds of thousand shares today...what actually started in smaller amounts yesterday at the open. and really struck the Hammer blow at the open today at 3.07.?
I'm interested to read what others can explain.

I had a stink bid at 2.85 that got hit,and another stink bid at 2.58
that did not.

Price watchers pay close attention tomorrow to where any pullback falls to and where any bounce gets hit with resistance again.
I'm watching the 2.85 area and 3.10/3.15 area for tomorrow. but who knows what can happen.
Could it retrace back to retest 2.65 again? or rally now some more to test 3.30 again .Technical math resistance is around 3.15 and support 2.75/2.80/2.85/2.90

WOW...what a day chart

reaching the 2.76 target point today