Replies to post #4193 on 123Tom's TA study group

[123tom]

it sure is easier for me answering the question...

at end of day...clever trick on my part, right?

AVXL failed again at 5.19 (why not 5.20?) fell below 5.10 hits the Fib target at 4.95. closes at 5 dollars. 2 days left in this week. what will they do tomorrow and Friday?
Was there a lot of buying at the 4.95-5.00 target? will we see a nice bounce tomorrow?
target for the next bounce from here? resistance would start at 5.10-5.16, a bounce that hits 5.20/5.25 would seem generous at the moment, but still ok, as long as the retrace does hold at some support step, like turning the 5.10 into a support step. anything that a bullish pattern can work with. eventually needs to climb higher steps to target 5.30 again. a challenging climb up the hill every step of the way.

I don't know whether we will see larger blasts,like up 25 cents,in a pop, or a steady grueling climb of nickel steps at a time, but AVXL needs to retest the 5.40 area at least, in order to begin recovery 5.40 area has a lot of resistance now, having failed at 5.38 in this current wave. above 5.38, it failed at 5.48. every step is resistance in this zone. 5.50 is resistance and every 5 cent step from there to 5.90. a hard climb for the technical chart pattern now. BUT this "bottom" at the 4.95 target is a key target to see a reversal again. otherwise, failure here at the 5.10/5.15 resistance could target 4.70/4.75 in the next 40 cent drop.

This bleeding down pattern, clear to see today, could continue like this to 4 dollars. if the powers intend to achieve this.

Is there any truth to the idea that the 5 dollar zone will be supported by the institutions buying here?

[123tom]

IPIX has finally gotten serious about the technical pullback into the 80's like the chart was pointing to... but it didn't really look like it wanted to drop into the target zone last week, kept hanging in the 90's. but its making the retrace now, happy to add shares in the 80's here. but now I need to sell some trading shares at the .98 area when the time comes.
Whats your take on the retrace now? last week was not much of a pullback, looked like it was holding in the 90's. this week we get the retrace. do you think they can take it down to the 70's?

Its kind of typical for these small biotechs to rally up into news and "news" and then they get slammed down after that. Last week, the 90's looked pretty solid. so much for appearances. will the 80's hold like the Fibonacci forecasts as a pullback target zone. ?