If a rally surges a little more, to target the 6.30 ,and gets sold hard there...I'm trying to get a sense where the pullback would target ,coming down from a peak at 6.30, and starting from a 5.60 low, would be a rally distance of 70 cents. the Fib retrace zone would be 6.03/5.95/5.87. I would include 5.80 as well. That's a basic target zone. so it means even if we get follow thru climbing this week to hit the 6.30, the selling forces could orchestrate another hit that could take AVXL right back to the 5.85 zone again. A more bullish sign would be to see price hit 6.30 and only retrace back to 6.00 max. and hold support at 6.00-6.05 area.and then start making the 6 dollar level develop as the next 'bottom base'.
So I expect to see a battle of zig zags going on this week, from 5.70 to 6.30, maybe 5.80 to 6.20, and more tight control by the MM's. For today's rally to stop at 6.10 and Fail there, looks controlled to me, and the real price target was the next higher step at 6.15. we could see a pop to 6.15 tomorrow followed by an immediate slam down to retest 6.00 and this zig zag battle plays out like this,anywhere from 6.25-6.00-5.75,
What progress is the chart pattern making now, from last weeks action including todays little rally effort.?
Mainly the positive step was to see the 5.50-5.60 base hold and then to see this rally begin. Then to see the latest pullbacks hold at a higher low (5.70/5.75 step). after that we get today's climb to try and retest the 6.17 target, but it got capped short of that. the first clue to MM looking to keep it under control. I expect to see a pop and whipsaw drop tomorrow, from 6.15 slamming down to 5.95 again. and have a battle to deal with around the 6 dollar magnet. maybe all week, this 6 dollar line will be the central station for the fight between bears and bulls. something to watch for. between 6 dollars , 30 cents up targets 6.30 and 30 cents down targets 5.70 and that's the main playing field right now. I'm not likely to sell any trading shares at the 6.30, but I know I would be tempted when the time comes. I almost feel like buying some shares at a 5.75 stink bid,but if price does fall that far down, maybe it will fall lower a week later.
6 dollars is a key balance point now. as is 5.80.
As long as price is kept below 6 dollars ,it runs a risk for a downwave to develop. IF we get a plunging drop back to 5.80 right now, then the bounce would meet great resistance and a possible slam down right at 6 dollars. That's what I mean by a battlezone. the shorts would attack at 6 dollars. This week could see some tricky zig zag action like this, and the tricky part is to see which force will win the battle here around 5.80-6.10 area....a win for bears means they take AVXL back to retest 5.70/5.60 area and make the rally start all over again. a win for the bulls means AVXL will hold 6.00 now, or else make a snap bounce right back up if it falls here to 5.90, get right back above 6 dollars, and continue on to test 6.17 and then stay above 6 dollars from here on.
As I study all these numbers, and the pattern that's been crafted, you see there are certain price points that become like magnets. this one at 6 dollars should develop some force to it. but it will be like a balance line, where price needs to stay above it , and if price falls below it ,would spell some danger for a greater downwave. does this make sense to you? can you see what I'm describing.
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