123Tom's TA study group

[123tom]

looking at the AVXL 1 hr chart

The daily isnt really showing me too much.
I dont look at the hourly too much like others do but to my eyes, it is crafting this kind of track pattern .
We could see a pop and drop tomorrow, testing 25.50-26 area as a decent rally target from the 22.70 low. but the downwave pattern might be still ongoing, and if it is, I'd be looking for another retest of the 22 area.
Contrasting that to a bullish view, IF the rally would continue higher, from the target zone 25.50-26.00 area I would expect to see the pullback Hold in the 24 area and bounce back into the rally pattern.
Targets at 26.00-26.50-27 area is my finish target zone for this kind of technical rally move. IF big buying news driven momentum kicks in again,then the 28 target could be reached.
But this technical chart I'm calling this a technical picture here. the news driven momentum rally could recover 30 before its done. but this technical picture that has developed like this so far has this kind of track pattern, much milder, and cautiously climbing to the resistance targets at 25.50-26 area, and then could get hammered back down.
22 could be a nice Bottom base, it is a big left shoulder zone. that was a top at first and fell down to 17. now that 22 area is a support step shoulder, which is one of those energy places that holds some force to it. Not invincible,but a solid target to watch for holding strength. Below 22, all the 1 dollar steps have magnetic energy 21/20/19/18.
But right now, the pattern is looking to see if 24 will hold as a strong support step and bounce up to continue the rally .
The action to watch now is the resistance targets overhead 25.50 area 26 area, and then the pullback support steps around 24.00-23.80

AVXL 60 minute candles

Chuck, I'm interested in what your indicators are showing for the shorter time frames like this. are we looking at resistance overhead around 25.00-25.50?