ELIXIR (ELIX) Technical Analysis: A sizable A,B,C three wave correction approaches. Price Target as low as $0.10 probable

ELIXIR (ELIX) completed five waves (1,2,3,4,5 black) as can be seen in the below chart. After Five waves are complete, Elliott Waves states that there is a requisite three wave retracement. The a,b,c, (red) are drawn in to reflect this corrective pathway that has already started. The retrace is usually to the level of prior wave IV levels. Then, after the a,b,c, (red) correction is complete, the primary trend resumes and prices are expected to rise. The price target is around $0.17 to $0.10 or so.

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