What I've done here is draw all the Fib arcs from the 5.15 peak,4.70 pivot,4.50 and 4.20 to the 3.06 pivot low and the 3.20 low,and maybe some to the 3 dollar low as well....that's a lot of arcs. Then I drew as many as I needed from those lows to the 3.70 and to the Fib projection target (3.90-4.10) and to (4.40-4.75) target zone, and it becomes a big mess to try and look at. But....if you can see it ,see the target zones (3.90-4.00-4.10) as the first rally target zone, you can see how the bounce to 3.70 fell short of the target area.
The 50ma is a key target marker now,at the 3.90/3.95 area.
The daily 200ma at the 4.80/4.75 area is also a big target zone.
The weekly 200ma around 3.52 is also important,currently as a resistance line but needs to become a support line.
The old pivot peaks at 4.70/4.50/and 4.20 are all very important target points in any good rally wave from here.
Looking below now, the current 3.20 point is a critical support point, and the steps below at 3.10 and 3 dollars are critical. The resistance overhead at 3.35/3.45/3.55 are a danger zone, AVXL needs a good bounce to break thru that immediate resistance overhead or else we could be looking at a continued downwave that hits 3 dollars and could break down thru it to target the lower steps (2.90/2.80/2.75) area and maybe on toward 2.50.
This is a technical picture. If there would come any great News to propel a big rally, then these technical target points would be all broken thru, and we might see a big surge right to the 200 ma around 4.80. for starters. but as a strictly technical picture of Fibonacci geometry and math... its looking bearish,for targets at 3 dollars and maybe down toward 2.50, unless we see a rally bounce now. its the same thing I said 2 weeks ago when AVXL was at 3 dollars and struggling around 3.10 area, just before it jumped to 3.70. This is a critical time for a real rally bounce to happen here and now, and not let 3 dollars break down.
When I said back then,AVXL needs a magical bit of "News", the next day we got the news of the competitors failure. We need another one of those good news things again. I don't care what it is or where it comes from. AVXL has to break away from this 3.20/3.00 zone and rally to target 4 dollars . Then pull back to HOLD at the 3.50 (200ma).
Stare at this chart for a while and then please wait 30 minutes before operating any heavy machinery....
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