Yesterday I said... watch the resistance zone around 3.80, to see if it gets hit and tumbles down to continue the downwave to lower targets, and this is what we got today. The 3.40 target step is hit. Remember the other day, I didn't think 3.60 would hold as a major bottom. This is bottom fishing time for AVXL investors and traders. Technically, 3.40 is a fairly big target because it's the 50% haircut from a major resistance peak at 6.80. The intermediate longer term chart picture, that started collapsing in January, from 10 dollar area, reversed up from the 4.80 zone and then peaked at 6.80. Here we are now at 3.40. I might pause here to watch and see whether a bounce happens now. But even if it bounces here , my sense is still looking for a continued downwave to reach what will become a cycle bottom. I don't think 3.40 is it. Fine tuning the chart picture, the timing of coming days, hedge fund rebalancing, lawsuit baloney news, cycle bottom price targets, ... we're in the old bottom zone again from 3 years ago. Bottom fishing can be tricky.
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