Replies to post #366758 on Anavex Life Sciences Corp (AVXL)

[123tom]

yes, the chart was shattered by the big move, to some degree. but the way I sense it, is the 'time frame' is what gets distorted. so I do want to feel my way through these next several days. Some people use the phrase..."when the dust settles" its the same idea. and in another sense , as I described, the targets are still intact in the swing pattern. Its hit the 10.50-10.00 target zone. The nexxt major zone down is 9.50-9.30 area. if one can imagine another slam down this week. The overhead resistance targeet to really watch for would be a retest of the 11.50-12.00 area. There are some targets above that as well, but first major test would be 12 dollars/11.50 area. I'd be looking for 1 dollar moves that turn into 2 dollars, pull back 1 dollar and rally again, or same thing on the downside. up 1 dollar and down 2. Like I said, if we had seen a gradual downwave pullback over a 2 week period, that targets 10 dollars, people would be a little grumpy but longs would be happily saying buy this dip, load the truck at 10 dollars... and (cautious me) I'd be saying , no, I'm not a buyer at 10, I'll wait for 9. or 8. and see what happens.
The charts can still be read ok, it just taakes adjusting the vision a little. and tilting your head sideways.
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So whats next for the price action. Well, given that we just watched a pretty impressive rally to 13 dollars, from 9.50,and prior to that a rally from 7.40 to 13? and then we get this slam down when it retests 13.20... folks would want to call this rally wave bullish,and looking for bullish momentum... so IF we really do have a true bullish energy in the current cycle, we "should" see a good bounce soon. shouldnt we? Lets see if we get one from this major support zone around 10. Maybe it wont come until it drops to 9.40 target area. who knows, cant say . but a true bullish energy should demonstrate its trueness by making a good bounce and holding support in a rally back to test 12 and higher.