Anavex Life Sciences Corp (AVXL)

[123tom]

My 50% Fib retrace target is around 20 dollar area.

measured from the 16.60 area to the wave peak at 23.60 area. a 7 dollar move.

Fib retrace target zone
There is another Fib target zone to plot, from a previous rally, that has the finish target around 25. I'm debating whether the wave pattern has changed today with the lower downwave. Failure to hold the 21.75-22.00 area was a tell for me. and now after hitting the 21.00, we'll see what kind of bounce into resistance might come. but I think there may be more downwave to this track in the next day or two.

A 7 dollar rally has turned down and fallen 2.70 already. watch out for the resistance shoulder zone overhead. to generate another 2 dollar downwave.