123Tom's TA study group

[123tom]

The big 2016 rally wave.... revisited?

well since AVXL has now retraced back to hit the 2.76 target point...IF this becomes the Bottom to hold.... would we possibly see in 2018 , another repeat of the 2016 rally? It would of course require good news to achieve any big rally, and the potential is there, in the coming months, right? Its a long climb to retest the 6.50 target zone, but first rally waves started by targeting the 3.50 area, then 4 dollars, then 4.30 area, 4.88 as a peak. and the swing wave steps of support /resistance are on the chart to see.
Today, we got 2 big moves .A giant (capitulation ?) plunge to 2.65,followed by a big bounce right back to retest the 3.07 starting point. It sets up a support retrace target at 2.80 area as a technical support to hold and begin the wave 3 bounce to target the 3.55 area and the finishing 3.90-4.00 target zone. That 4 dollar zone was the wave target all along for the chart picture, except we were treated to one more big plunge down to begin the game at 2.65. I'm watching all the steps along the way up and down now, but the weekly 200ma around 3.55 is a key target resistance step to watch again. A dramatic day for AVXL, but the bounce recovery looks 'hopeful' in some way. better would be another bounce this week to target the 3.70-3.90 area,and stay above the 3.50 step. That was the hopeful picture from last week, and so todays plunge and immediate recovery is getting AVXL back to the starting block at 3 dollars again.
Dramatic price action today. like an old sports car that has a loud muffler, makes a lot of noise but doesn't go anywhere.

AVXL,take 2, back to square 1.


Imagine the news report saying ...AVXL was 'unchanged' today...

This weekly candle looks like a giant bullish spike tail right now, but the next 2 days will tell the story of what the weekly candle ends up looking like. these next 2 days will be very interesting .