Anavex Life Sciences Corp (AVXL)

[123tom]

The week starts with a follow through bounce.... pushing past the first resistance zone around 3.55, hits 3.75 resistance, pulls back , now testing 3.50 support. Resistance overhead can still be 3.65 roll over, and tumble down, but resistance steps above that...looks like 3.80- 4.00 target area.
The current upwave/rally developing, early still, but 2 bounces are looking better than only one. Climbing back up 10 cent steps, looking for upwave target steps now, so long as support holds around 3.40.
I still don't think 3.25 will be the finished Bottom. So I'll be watching for resistance to cap somewhere, (3.85-4.00 area) and price to roll over and start tumbling again. But... today's follow through to make a real bounce, now 50 cents above the 3.25 pivot low, is starting to look like a real rally. Bearish bias is changed to neutral for me now.
Let's see how tomorrow goes and the response from shorts and traders. One can look at the larger downwave from , let's say 6.75 to the 3.25 Bottom, a drop of 3.50.... If we saw a fib retrace 50%, we're looking for a rally to retest 5.00 before becoming serious as a possible Bottom confirmation at 3.25. I.e. several more rally waves needed to start seeing a trend change and rally recovery. There will be good clues to observe now along the way, but a lot more chart watching to do from here.