Still seems some confusion re the chart.I posted this in the...

Still seems some confusion re the chart.

I posted this in the other thread on CVI chart,....I don't claim to be any guru but have a reasonable understanding of TA

"Seems some confusion as to the chart?
If one is to apply the criteria for O'Neils cup and handle(he was the one to popularize the formation)then it does not match the criteria.
A cup and handle formations is a bullish consolidation of an EXISTING up trend,...it is quite obvious that CVI has been in a down trend the past 7 months.
Looking purely at price action there is a small double bottom(bullish) and with the recent action the past couple of weeks a flagish formation(bullish) is in play. The wiggle it put on y/day was an attempt at breaking from that flag, but of course 15c(old resistance and support) is a hurdle that needs to be taken out. If the flag can cut the mustard?? then a suggested projected target of around 20c is possible.
From there obviously we would like to see price consolidate/hold above 15c before moving on."