Yes, it's why you have to call the Intermediate cycle chart pattern broken down, bearish, and searching for a new cyclic Bottom zone. A process that may take weeks and months to complete, and there is a lot of time in 2024 now. Step by step, with a probable long time frame, maybe entire year, bleeding down, bouncing back to resistance, and bleeding lower, to eventually reach a Finished bottom. A few years ago, that bottom zone was 2.20 area. What will it be now?
The 5.00/4.80 ( previous cycle Low) target zone... failed to hold now. 4.50, this new lower low, is a step along the way to 4.00/3.80. In my view. The last bounce from the first 4.50 low failed right at the expected resistance, 5.20/5.00, rolled over and plunged down. Eliminating any bullish momentum, coming from a 4.50 "bottom". ... bias looks bearish. Yes a zig zag range is possible 4.40 to 5.40, but now watch resistance area 4.80- 4.90- 5.00- 5.20... to see if it Fails again. 4.80 WAS a critical support step to hold. Now it becomes a resistance zone. 1 dollar target down is 3.80
Conversely, IF 4.50 holds, and market forces decide to give AVXL a generous fake bounce of 1 dollar , target zone is 5.45 area. My bias is looking at the bigger picture, several months of bleeding down , to achieve lowest Bottom zone again. 4 dollars is the next major target , 4.00/3.80
The critical support at 5.00/4.80 major low Failed.
ONLY GOOD NEWS will stop this bleeding down game.
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