Looking at the pullback now... each day offers better clues and vision to make the guesswork more logical. I measure the math from bottoms to tops, look at resistance shoulders and support steps. Maybe also looking at options tables to see those targets, and the timing. These days I feel stronger now about the impact of good news keeping the upwave Pattern developing. But as this large upwave pattern, which started at the 5 dollar bottom in October has so far, reached a major resistance zone around 10.00- 10.40, it's not surprising to see a pullback happening from there and now we are watching it. It could demonstrate that stepping down, bleeding down pattern, bouncing a little, and rolling over and down some more. I bought some at today's 9.44 low. Watching the bounce now, for resistance around 9.80, and watching for the next wave down, another dollar, looking at the steps down to 9.25 area, 9.00 , and 8.75 area. I have small bids in to buy all those target steps.
I don't feel the upwave momentum is broken at all yet, but it's only logical to expect sellers to try and take it down, as AVXL always falls to the lower targets in patterns. But... the good news and new European horizons are coming closer, this pullback is much more dangerous for shorts, and might be last chance for buyers to get bargains.
Looking again at the chart, I'm seeing support zones here around 9 dollars to 8.70, then at 8.40 area. The bullish sentiment could weaken a little if the 8.70 shoulder falls, and 8.50 pivot low falls. But I will be prepared to buy more at those targets and at 8 dollars. And 7.70 target. Small portions along the way.
When 30 dollars came down to 16, I bought more. Thankfully, I was able to buy and sell up and down that Rollercoaster and get the money back to neutralize that trading game. But now to be buying at 8 or 9 dollars, at this time feels to me like last chance before the train becomes a bullet train to Europe. I won't be chasing to buy at 13 or 15 , when I can buy now at 9 and maybe 8.
Sorry for the long post. I'm watching the bounces into resistance and watching the bleed down the target steps to buy more along the way down. 9.75 to 8.75 is my current playing field. 9 dollars is the central magnet to watch currently. and below that, the critical support step targets are 8.75 and 8.50 area. The 8 dollar target is still in play in my view. But too soon to forecast right now. I don't always buy every target step along the way down, but this time I am doing that because 2024 looks like the very bright new day for Europe and all of us.the new day to bypass and break the shackles of the big pharma FDA suppression. Can they stifle Anavex forever, in the face of glaring trial success and vastly superior quality over FDA approved competitors ? We'll see soon enough in the coming year.
