Those of you excited about SAVA. It's floating at a pretty key point here.
You see.. it filled a gap at $67.6 this morning. It had been flirting with that fill for a couple trading days. When a gap gets filled, it rarely immediately bounces back. Usually it looks for the next support or resistance level, in this case, resistance since the gap fill was up.
In this case, it's not quite to a cup fill at $73.75,, but it clearly bounced off something here in the short term. Whether bullish or bearish, it's hard to imagine it going down in the micro count. It really needs something substantive to bounce off of. Then again, it could very well be that once it filled the gap, sentiment cooled off and it's taking a breather along with the overall indexes (which have really slowed here mid day).
So we are at a key level. If it's going up significantly more, it needs to take out $74.35. That's the next substantive resistance level. If it's going to break lower (which is my opinion..potentially down to low 20's before booming back which would line up with both a. my wave count, and b. a bounce off the 610 EMA), then we want it to either start now and take out $38.75 or to bounce off that resistance above at $74.35.
Either way, decision is coming. But it might build slowly before catching you off guard. Know your levels. Also follow news. Bio's can react QUICK when something breaks.