Anavex Life Sciences Corp (AVXL)

[123tom]

Thanks RS for the ideas
I might try and examine SAVA and ANVS when I can. I like the idea of improving my timing in the charts by factoring in news release times. I've mentioned that in the past. Its my own fault for not taking the time to check that.
Whats happened today was the anticipated pullback,happened right away at the open, without even a fake out pop to get a jump start. Down from 21,to 18.50 then 1 dollar bounce to 19.60 ,then plunging down to the 17 target . bounced from 17 back into the resistance zone to peak around 18.80 The resistance shoulder zone is there 18.00-19.50 area
and then it sold straight down again to 17.
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I'm looking for resistance pressure at 18.00-18.50 area, maybe a stronger climb to 19, but resistance shoulder to sell it down again. to targets below 17 next time. Thats my guess.
On the bullish pattern, I would want to see a good bounce again from this 17 to 19 and then come back to hold 18 area and rally up to retest 21/22 area again. at least to test 20. 20 might also become strong resistance as a top zone.
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As far as patterns go, the math for this rally was looking at a finishing 5 wave rally target at 25 area, same as Wainright upgraded to.
But for that continued rally after yesterdays peak at 22, I would have wanted to see a more shallow pullback today that would have stopped around 18 area maybe even 19 area, that shoulder zone around 18.50, holding and rally up again. This collapse all the way fast to 17 was a big sell down, not a shallow pullback. So the math pattern /Elliott wave pattern I'm seeing now is acting like it is calling 22 the finished wave. and it makes targets for pullback Begin at 17 and include 16/15/14 area as targets in play. We'll have to see where it goes. but any improvement over the previous rally to 28...that fell down to 11 and 10.... if 15 or 14 holds this time, we have to call that "price upward progress", right?
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I want to buy some more trading shares but only at the very best bargains. I didnt buy today at 17. but maybe 17 would be ok.
In the old portion of the chart picture, we have some support levels at 16.50-16.00 area and 15 area.
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Based on today's action, I am watching now for the resistance shoulder to show selling force at 18.00-19.30 area , like it did last time.(18.80)
We might gain the insight of an early clue by watching closely what the resistance is right at 18 dollars. (17.80-18.10) on up to 18.25 area. It will take a stronger looking rally bounce to push through that 18 area and act like it wants 19. That might be a clue for bullish recovery. the strong pressure selling at 18 area would be a bearish clue to watch.

Pullback downwave today hits 17 target


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