Replies to post #3794 on 123Tom's TA study group

[123tom]

IF AVXL has already finished rally at 6.64

if there would not come any higher rally in the current cycle, then as a finished rally wave, from the 2.43/2.76 bottom, the Fibonacci retrace target zones are down at 4.70/4.50 area starting at 5.16,then 5 dollars, then 4.70/4.55/4.25/4.00

Today the support line at 5.60 was held .the overhead resistance shoulder zone from 5.75-6.15 will show what strength it has to cap the topping zone, the more strength it shows, and the more times it caps at resistance, the more odds are for a downwave to generate the greater pullback ,and folks might become shocked to see AVXL fall below 5 dollars to target 4.50.or it might hold at 5 dollars, or hold at 5.15. too soon to tell. or it might get collapsed and short attacked down to 4.25. we are looking at a chart that was just short attacked half a year ago, from 8 dollars down to 2.43,then from 4.88 to 2.76 so now, were looking at the idea price could be taken from 5.80 to 4.70 ? hardly a blip for AVXL. but everyone gets used to being in this rally mindset,good science developing, news conferences, institutional investing increasing, etc etc...but the price has been Capped at the 6.30-6.00 area,and now it looks like they are crafting a support base at 5.60,so far,controlling the bleeding down to base at 5.60 for the moment.

I cant say that a downwave would happen for sure, but on the technical chart, the downwave after this rally peak at 6.64, has the 4.70/4.50 target zone ,the 50% Fibonacci. is basic. there is a key price level at 5 dollars. but the wall street short attackers target is 4 dollars.