Anavex Life Sciences Corp (AVXL)

[123tom]

@ sab, I do see an Elliott wave

pattern in the latest downwave,I think we use a different counting method, but mine is looking like this 16.70 bottom could be the finished target. I would be disappointed not to see a decent bounce from here. The resistance zone targets I described are looking at the 19 area as a basic target zone. 20 and 21 would show more strength. The downward moves in the last 2 weeks were pretty disappointing to see. It erased the whole rally.
This color coded chart hopefully shows the idea I want to describe... that the rally we had, was reaching a Wave 3 target zone around 22 and 23 area ,and it needed to hold the 21 and 20 area as a Wave 4, to rally again in Wave 5 to target the 25/26 area . You can see how the Wave 4 zone completely broke down once the downwave made those big moves below 19. and the downward momentum took over and we're at the bottom zone again.
Now IF AVXL would manage to climb back up the steps, the first good target would be 18.10 for me. Then to hold support at 17.40. Lets see if we get that much to start with.

a colorful chart