Thursday, May 21, 2020 11:42:06 PM
we can see it easier. I find there are maybe 2 or 3 different looks at the charts, by measuring from different bottoms and tops, It can start to look messy before youre finished. but At some point, some of the same key targets appear, and then superimposing the Elliott wave pattern on the picture, the wave patterns become more visible.
That wave 3 target is very key of course,theres a larger chart picture that seems to point to that 4.50 area as the Wave 3 target , so I'm looking at pivot points around there, previous pivots in past waves, any key moving averages there, and we can see some target points. I cant pinpoint it tighter than a zone ,like (4.25-4.50-4.75)but centered around 4.50/4.60/4.40 The math target might be saying 4.50. there is a previous pivot peak at 4.59. there is another peculiar price point with a history at 4.88. There was a resistance failure in past waves at 4.30 area and 4.20.
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and then, thats only half the examination... I'm looking also at the bottom/pullback zones,support pivot lows, math measurements in the pullback zone. IF we see it peaking now at 4.25 lets say, where does it need to fall to be defined as a wave 4(shallow) versus falling lower and becomes a different counting. People hate Elliott wave analysis for this reason, it gets so convoluted at times. Ive learned to see it a certain way that works for me ok.but still is too cumbersome to describe.
The best way I can describe this current peak at 4.25 area , shy of the stronger target at 4.50 area, shows some weakness, just as the last downwave didnt hold at the 3.65 support but fell to 3.42, and held strong. Both of those 'finished' results would show a somewhat weaker bias in my outlook. and I'd be keeping that idea in mind as I watch the next moves. Its a feely moment,to sense the price action at this toppy zone.
The latest bounce did well to run from 3.42 to 4.25 so far. and as it climbed, it held the 3.66 step like it needed to.and like it Didnt do the first time. those are two wins for the bullish bias. I think its been a 'bullish enough'looking rally so far, but the stronger test will come just overhead. in my view. If theres any traders or trading algos out there ,they might be happy to sell the 1 dollar rally at 4.40 and wait for the next pullback to jump in again.
I might do a little of that ,but at 5.40 in the finished math pattern.
I believe the timing is right for this news cycle coming. but this climb might also be the run up to it, and sometimes its a good choice to take some profit just in case.
from the 2 lowest bottoms
Recent AVXL News
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