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[123tom]

AVXL Fibonacci style chart

AVXL chart
Aside from what Ive been able to calculate with the Fib tools, and the Elliott wave count pattern, my gut feeling sees another small wave down to target 19.30/19.00 area and finish this downwave. I could be completely wrong here. as the current low around 19.80 is also a magnetic target for a finished pullback. A major collapse AVXL style could bleed down to test 18.50-18.00 again. I cant predict what the next move will be. Looking to the upside from here at 19.80 Holding, could climb back to retest the 22.00-22.50 area and strive for 23 area but I think the resistance along the way will have to be carefully watched around 22.00-22.50 as a possible finished target for November.

The previous patterns from the 16.55 Bottom, to the 19.80 top ,that wave was suggesting a finished pattern target around 25. and to fail at 23.70 was not the best showing for the bullish force. Now the downwave has fallen almost 4 dollars so far. and the question for me is , Has the bullish momentum for AVXL changed in any way stronger to suggest odds favor a better support holding that a full retrace to the 17's again. Would it hold at 19 now? Would it fall back to 18.50 ? Could it rally back to 23? I think that IF we see a quick surge early in the week, that targets 22.00-22.50 I might have to play the odds and trim some trading shares.