Anavex Life Sciences Corp (AVXL)

[123tom]

Sellers responded today after the opening Pop and Drop move, and price came tumbling back down. Typical downwave pattern. Now support zone getting tested ( 5.15-5.00) below that is critical support at 4.95/4.85 .
BUT, we got a first rally wave, 4.80 to 5.50/5.40.
So now, this pullback testing critical support becomes a critical battle now. If we would see any continued climb to higher targets ( 5.80-6.60), the 5.10-5.00 area has to hold and generate a
1 dollar climb. Sellers could win this battle and The downwave could be 1 dollar from 5.40 to 4.40. This is the Rollercoaster trading game . I place odds for this current battle neutral at this moment, because it needs the opening move tomorrow to tell... 5.05 needs to hold. 5.00 needs to hold. And a rally bounce to retest 5.50 and end the week at the top... would be a small bullish win. The sellers would win if price gets taken below 5.00 and the day and week ends at the 4.88 bottom zone all over again.