I find that it usually does help
to examine the day's price action, but sometimes,the day's action is uneventful,and doesnt change the picture.I'm very interested in those moments when the picture starts to change and make a move. The last moment like that, for me was a week and a half ago when the pullback was holding support at the 5 dollar step and started turning the corner, and looking upward ,as I described it at that time.It was looking like a good turning pattern and then it followed through with the rally to 6.06. If we dont see a better climb from here in the next 6 trading days,and we only see a sliding and grinding stuck around 6.00-6.20, I'll be a little disappointed with this news driven movement.
On the positive side, IF we see the downward pressure find support still holding around 5.40 and no lower than 5.20, it will be maintaining an upward pattern of higher lows,and thats better than a downwave. With this latest news, and the development into greater public awareness for Anavex, this should become a new day for the company and the chart pattern is ready now to reflect that by finishing the pattern to the 7.00-8.00 target zone. I'm looking at 8.50 as a peak for that wave but it also shows promise for the next level of top targets at 10 dollars . It would reflect the new cycle for Anavex.
I dont always have to reexamine the whole chart every day, as long as the pattern hasnt changed, but small developments would have me noticing and want to understand how it fits into the puzzle.If support keeps holding now at 5.40,that would add to the bullish tone.
By the end of the week, we might have another piece to add to the picture.
The current price zone we have now (around 5.50-6.00) is a Wave 3 area in the pattern I'm looking at . There should come another rally to try and target 7.00-7.50-8.00-8.50 area
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