the weak volume today could mean a few things.
Today had a big target to hit and that 5.11 was it,in my view. its a big target where bullish momentum "should have bought strong" the idea that there was weak volume to this bounce adds to the bearish momentum in this downwave. Looking at the whole rally wave from 3.30 to 6.23,the technical pattern shows a rally wave finish at the 6.23 top. ok. so from there begins the pullback, first to a station at 5.11,(the first Fib target) then bounced to the shoulder zone at 5.79 then held at the 200ma...then Failing at the right shoulder resistance zone (5.50-5.80) falls down in the next wave down, to break thru the 200ma,break down below 5.30 to hit the first Fibonacci target at 5.11
In that Fibonacci retrace zone ,which represents the whole rally wave from the 3.30 bottom to the 6.23 top...the Fib retrace zone is 5.11 area / 4.75 area/ and 4.30-40 area.
The 200ma overhead offers resistance now. and the right shoulder zone remains in play as a resistance zone. Thats my view of this chart.
IF the pattern can remain bullish from a bottom set at 3.30..then the pullback fib zone should hold somewhere,worth buying,and IF the pattern would be Bullish uptrending, the next big rally should bea wave 3 giant that targets into the 7's. maybe 8 ,maybe a new development in the chart picture. but no doubt it would have to be propelled by real good news.
IF theres no news coming in the next several weeks... where could AVXL fall to .maybe the lowest fib target around 4.40.I dont know. This downwave could be still early. but today was the first Fibonacci target in the pullback. at 5.11...like last time.
The resistance overhead could become more critical now. and with more force behind it, I wonder.
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