Anavex Life Sciences Corp (AVXL)

[123tom]

AVXL daily picture

what it looks like to me

Daily chart in a range pattern

From a peak around 20.50 target came a downwave pullback to a new low at 16.50 target. a bounce from this new bottom at 16.50 has reached close to the 19.50 target area.as a wave 3 target but The bullish math rally pattern is looking for a target higher around 19.70 area to complete the math pattern.
So far in this rally pattern I'm seeing 3 waves in the Elliott pattern finished,and the wave 4 may be playing along sideways,watching for it next week, and I dont want to see it fall below 18.50 area. The finishing wave 5 with a target zone 19.65-20.00 area is waiting for the next good bounce ...IF the full rally is the stronger direction here.
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The bearish picture looks like this to me.
From the old wave peak at the 20.60 target,the downwave
finished at the 16.50 target. In a bearish downwave trend, its a standard vision to anticipate an ABC Elliott wave pattern that only reaches the 18.00-18.50-19.00 resistance zone.Fib target zone,with 18,50 area as the 50% retrace.
The feeling of bearish/bullish sentiment watching the price action starts to develop around the price action. So the other day when the price surged up fom 17.60 to 19.30 area, it was a bullish move, pushing thru the Fib resistance and reaching the Wave 3 target area for the Bullish pattern.And as a result, the retrace plunge back to retest the 18.50, finds the 18.50 step changed from resistance to support. (for now)so one one level, its still a bullish picture for this bounce and for the support holding.
At the same time, the bearish picture has a pattern still intact,on the larger swing pattern, the peak at 20,60 made the downwave to a lower low at 16.50 and the rallys have made lower highs (so far). And here at the capping of 19.40 resistance continues that downward look. The next few waves are important to watch ,may be deciding the direction. The extreme edges of the chart I'm watching are from 23.50 to 13.50
A good news rally has targets above 23.
The bearish downwave, still just a pullback from the 31 and 28 tops. finish targets in a no news cycle, have 50% haircut targets at 14 and 15.75.
So far, buying the 16.50 low and the 17.50 area was a good choice. but as a trader also good was the profit to take at the 19.35 capping.
The Range picture is still ongoing so far, from 16.50 to 20.50.