123Tom's TA study group

[123tom]

AVXL from 22.70/22.80 current low


as a "Bottom" if this holds ok, and rallies, this 1 dollar move from the bottom,we see so far has easy fib math to measure. the target about 1.60 higher. shows the target zone around 25.45 area to watch. Its a resistance zone on the chart. and rallies are determined to climb back up the same steps it fell down from. The point of showing this chart as a Fib chart is that I need to see the rally bounce strong enough to reach this target zone before it finishes. in contrast , a failure at 24.50/25 would suggest more bias toward continued downwave. These big moves up and down have been surges of 2 and 3 dollars at a time, to 5 dollar conclusions. moves of 1 dollar is small stuff now. From a 22.75 bottom to 25 is 2.25, as a minimum. Its a map of math targets to watch but the strength of recovery is a clue to suggest that the current low, at 22.75 step, might hold. odds would suggest, the stronger the bounce the better chance to hold the pullback. a good support step for that pullback to come in a pattern, would be the 24.50 area. so the development would take shape ok like this. a rally from 22.75 to 25.50 and a 1 dollar pullback to hold the shoulder at 24.50 area

A weak rally that fails at 24.95 would be a warning sign for another downwave. so in the big picture a good rally here to 26 is much safer than 25.
Looking below, that big zone 22-17 is a downwave target zone in play if there is another drop coming.

IS 22.75 going to be a solid bottom