Anavex Life Sciences Corp (AVXL)

[123tom]

For the folks interested in TA...
The week finished...
What happened in the price pattern... we saw the bounce coming off the pivot low at 5.30 to peak at 6.00 , followed by a retrace to test the predictable Fib targets in the 5.50-5.70 area. The rest of the week zig zagged in this battle zone, 5.50-5.80, and remains unresolved for any clue to the next direction. The target prize from here looks to me like 75 or 85 cents up or down, which would be down to retest 5 dollars or up to test 6.30 area.
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The larger wave pattern saw the initial collapse from 10.30/9.80 area to 5.80, then bleeding down to reach the pivot low at 5.30.
Posing the question, will 5.30 become the finished bottom in this cycle? My view thinks not, but I could be proven wrong. If there come clues now for next direction, we could see Capping resistance next week around 5.80/5.90 and the battle ensues to test 5.50 again, watch that support closely, ... breaking down there could bleed to the 5 dollar target.
This is all just basic price action watching. AVXL needs more than 1 rally to climb back to the key MA targets around 7.50. Without good news, a 2 dollar rally seems like a lucky gift right now. But the targets down, to 5.00 or lower are already in play.
In an upward wave pattern, price needs 3 rally moves to reach the 7.50 target zone.In the downward direction, price needs only 1 move to target 5.00/4.80