Trying to find bottoms
Bourbon, for me it starts with looking at a zone. and when the zone includes a magnet like the 50ma that becomes a target to watch. Right now the 50ma is at 3.60 and climbing in the coming days. The old peak at 3.70 becomes a target energy. a retest of the 3.50 low is also possible. and today's target at 3.80 is a good place to have bought. Whatever the reason why end of day surged back up to 4 dollars ,I dont know, I also dont trust it. Its possible this low at 3.82 could be the buying moment. and the 3.47/3.50 Bottom looks even more strong as a bottom.
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When evaluating the top zone 6.00-6.30, I wonder if that wasnt an overbought stretch, and shows why it came down so hard and fast. Makes me want to figure a more true energetic peak that frames the rally wave measurements better. There is a shoulder zone around 5.30 that I'm interested in . as a target for the next rally. a traders trimming target.
The success of the science will make AVXL a giant winner for investors. I dont want to get too cute selling tops in the coming cycles. Mostly ,I'm looking to find the best bargain lows to buy.
I think this 3.50 low might be the bottom. I was thinking 3.20 a few weeks ago but my bias is focused on the lower Bollinger at 3.40 and the 50ma at 3.60 and the 3.70 area, 3.80 is where the basic Fib target is. The downwave went a big step lower dropping from 3.80 to 3.47. A retest of 3.50 now, would have to be considered an automatic buy, but I wouldnt have the courage to drop 35K on that one target. I'm buying in small portions ,myself,being very cautious. and I wont might picking up a little more in this 3.75 area. if it comes down again.
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In the next rally, the most interesting target zone I'll be watching to see how the price action behaves is when it retests the shoulder zone at 5.25 area.
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For some trading fun, I'd be looking to buy 3.75 and sell a little at 5.25. but thats not advice for anyone .
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After wallowing down at 2.30 area bottom for so long, its been great to see a big rally back to test 6.30. but the downwave back to 3.50 looks a little ugly to me, so I'm still wanting to be cautious here. and I stick to buying small amounts . If it fell to 3.20 or lower I'll be buying a lot more.
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I'm not sure if the S+P downwave is hurting AVXL share price that much. The XBI is way higher than any correlation to the S+P.
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