123Tom's TA study group

[123tom]

and the follow up chart AVXL

it did rally thru 25 but not by any substancial amount. and then pulled back stronger. IF the rally target peaks at this 25.16, it will need to hold the support and continue rally to 25.50-26.00 and higher to recover any of the big rally strength. the mid point 50% fib target for a retrace up would be the 27 area, so to see rally start floundering around 26 could become a clue for another downwave to come.
The recovery will need several subwaves to get there, a surge to 26 could pullback and then hold 24.50, then 27 could pullback and hold 25.60 , etc until the intended target is reached, but the half way target is 27. and 28 is a big resistance step. The grande pie in the sky is a news blasted rocket back to 35 and then on to 45... but for now...we are watching the pullback and the first effort to bounce off the 22.70 Low. Its a technical picture of watching the steps up and down for clues, technical price action so far.
AVXL tries to target 25 area