Anavex Life Sciences Corp (AVXL)

[123tom]

A down week, retested 9 dollars. Ending the rally pattern from the last 9 bottom. The rally that made a decent bounce from 8.90 to 10.40, had a chance to develop an upward pattern. But that chance failed this week. And dissolved the upward bias .Now, in my view, the bias changes back to looking downward. Targets at 8.50/ 8.00/ could we see 7.50 again?
The greater wave from 7.25 to 13.25, could retest the 7 bottom. Why would the sellers stop here at 9. The stock market is bias crash down, the bias is looking down. Down for avxl means 8 and 7. And a crash could mean 5,4 and 3.
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A good rally this week would have held support around 9.50 and targeted 11.00/ 11.50 next few weeks. Instead, the failure, and bleed back to 9 is now looking at 8.50 and lower.