A simpler view of the price action now...
After the latest fundamental event disappointed, and changes the picture, readjusts the Time frames, for Anavex ultimate success, increases the need for news, event markers, and alters the price action wave patterns going forward.
Volatile AVXL gets sold down easily. Manages to rebound sooner or later with good news, and hopes of good news.
Suddenly, with this fundy disappointment, the high hopes for 2024 are dampened, and unless we get good news or news hype, I would anticipate watching the price action continue downward... to lower targets , in the coming weeks and months. Maybe 5 dollars for a while, then maybe down to 4 dollars. Watching the price action as it falls and bounces from 6 dollars to 5 dollars, will offer clues and a sense of the strength and weakness, the technical analysis that some of us do to see the picture developing... sometimes you can only see the next 2 or 3 steps coming. I can see 4 dollars as a target in play now, but 3 dollars is too soon to forecast. It belongs to a different chart pattern.
Targets to watch now , in my view, are 5 dollars, 4.50, and 4 dollars. Without good news in the next 2 months, I expect to see a continued downwave to aim for these targets. Right now, the sideways slide around 6.00-6.50 is a holding level. Good news can start a rally. No news will generate the continued downwave to lower targets. In this new pattern, I'm looking at the playing field of 4 dollar bottom to buy and 10 dollar top to sell trading shares.
