123Tom's TA study group

[123tom]

I posted a chart yesterday AVXL

that showed a move down, from resistance area 17.00-17.50,to go down 6 dollars to target 11 area. It finished making that move today.
From the 11.30 Low,bounced back to 13.50. The full rally projection shows target at 17 area. Other math pattern targets have a zone 16 to 20 area. I would love to see a resurgence of momentum take it as high as 20, where I have profit targets to take there. but now, these new calculations are looking at 16,17 and 18 as targets to consider. and the resistance shoulder points ,you can see them, at 14-15.50-16-16.50 to 17-17.50 are waiting for the next bounces. The basic Fib target is 17 at this time. Thats the rally bounce picture. The 50% bounce of a downwave from 25 to 11 is looking at 18 area,also a target.to sell.

On the downward side, this target at 11 was as low as I was looking but also now, 10/9/8 area is in play. From this key target now at 11,and a first wave to 13.50, it has been sliding and holding along 12.50-13 all day, and IF we see the next rally bounce , it should show enough strength to target 16 and will it stretch to 17, thats the basic move to watch here. Otherwise, if we see resistance capping at 14 and 15, watch out for the next downwave.
These higher zones are all new again for AVXL. 8,10 and 11 dollars was a High target in the old pattern. Now we are thinking of them as a support low (Bargain) to buy??? This would represent a new pattern,and I think it remains to be seen whether the time has really come for it. So, IF this whole giant rally was a pumped up out of control wall street move (for mysterious reasons) then getting back to reality, might be a harsh move down, back down to where a Normal move should have been all along. a great rally, from 6 to 10 and back down to 8 and maybe 7 and lets see what the price action does around 7 dollars. The whole giant blast to 28/25/23/and a real peak at 20 dollars, might be the future but might have been premature, Just like it was 5 years ago when it surged to 14. After it surged to 14 back then, it collapsed to 3 dollars, and then spent 4 years Bottoming at 1.25/2.25 area. Now,if it does the same thing we could see it fall back to 6 dollars all over again.
I am reluctant to start buying at 10 . Reality might be waiting at 8 dollars. This giant surge to 28 has sold all the way down to target 11 dollars. so far. 14 dollars and 12 dollars represent a 50% Haircut from the 28 and 24 peaks. 10 dollars would be the next target, for the real top at 20. in the math pattern. From the grand Bottom ,lets call it 2 dollars, we got a 10 bagger at 20/22 area.
The Long time frame AVXL chart has big magnetic targets at 10 and 8 dollars, then at 6 dollars. I want to watch and see how price plays around these steps if it does in this cycle.

AVXL