Anavex Life Sciences Corp (AVXL)

[123tom]

and its technical trading price action


which is visible to understand patterns on the chart. as I mentioned yesterday...to watch the resistance target around 11.60 hit today and collapsed down from there. and as I described yesterday,to watch and see if the 11.25 support area holds or not. It did not hold. and now we see resistance there and looking downward to the lower targets. This is all basic price action TA.Lower targets are in play now,in the Wave C of the downwave pattern. Looking at targets below 11 dollars. but.... we have to allow for the possibility that 11 dollars might hold and bounce. My own bias is leaning toward lower targets, like 10.80/10.55 area. but one step at a time ,if we can see it coming,its helpful to have some clues. Price is being taken where the powers intend it to go. Downward pressure at the moment. Resistance now overhead from 11.25 to 11.65,every step in between. The larger rally wave to examine is from 10 to 12, so 11 is a 50% pullback. its ok, but better bargains may be had at 10.75.
Full Rally targets could be looking to retest 12.50 when the time comes. I think 13 would be generous in the current short time frame cycle. The 11 dollar area is a shoulder support zone now, with 10 being the bottom (head). Lets see if support starts to develop around 11 dollars this week.

the ongoing pullback