I believe in the science.
but I also see how the price waves go way up and way down.
My own chart focus has always been swing patterns,so these are the big waves we watch over months to play out. Now this downwave that started when price peaked at the 23 area... is all just watching the math logic and the patterns play out.
The previous 'support zone' we watched holding around 16.50 area rallied up nice to 23.the logic pattern watch needed to see the 18/19/20 area hold support.It ultimately faled at 18 and that propelled the latest downwave to bust down below 16.50. Thats when I drew the ugly black target box that covered a zone from 16.50 to 10 dollars.
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down and down it tumbles in this playing field. and then after plunging to 11.10 the other day.... it began a 2 dollar rally. peaking at 13.40
So now ,once again, the swing chart analyst, any technical analyst, says ....Oh,Goodie, we have something to examine now. My own lens measures the pullback zone to watch for, and see if it holds support and see if theres any bullish follow through that might suggest, the Bottom could be in at the 11 target low.
In a 2 dollar rally wave, math is simple,you can do it in your head ok, I'm looking for 'support' to hold the 12 dollar area. maybe 11.80 area, ideally above 12, more like 12.20 would have been bullish looking.
What we watched was a selling cascade that plunged well below the first targets around 12.50/60,plunged right to 12.20. bounced there to fail at 12.70 area and down it tumbles. plunging below 12 and looking at retest the 11 dollar target all over again. This demonstrated no bullish strength, after making a 2 dollar bounce from a deep low bottom area.
The conclusive word for this action in my view is UGLY.
Ugly price collapse.and it could continue down to target 10 . why wouldnt it.
below 10 is 9/8 and then the 6.50 area.
As I forecasted and warned upon deaf and dismissive ears a few months ago, the black swan warnings of stock market collapse, etc and political dangers triggering economic trouble, it has been unfolding , and AVXL has collapsed without letting up so far. Once it broke below the 16.50 'support' all the selling was there for the taking.
The professional skill to exercise now is not to panic, just stay calm, watch the internet news for more market collapse, and black swan troubles coming. This is just the beginning. The time to raise cash dry powder,trim some profit, sell some stocks, was last november.too late now. wait for the absolute bottom where AVXL starts buying again, and buy some more at the bottomest bottom. Do you think it might be 11? 10? 8? 6? I dont know where it might become yet.
