chart update

Below is an update of a chart posted previously. If you aren't interested in Technical Analysis...then read no further.

The ABC correction now looks like a standard zig zag and has pretty much nailed two key time ratios and two key price ratios at C. (Possible terminus point)

At the moment we don't know if the correction is complete or not. If it is, then we may completed Wave 2, a downward leg of a five wave upward pattern. Technically it is entirely possible that there may be further downside and the correction could morph into a complex abcde structure.


If we get a bounce from here, and the price closes within Wave a of abc then there is a good possibility that the correction is over and we are in Wave 3 of a five wave upward pattern. Wave three's are impulse waves by nature and in technical analysis are never the shortest wave of W1,W3, W5 - (upward legs within five wave pattern). Based on this I've indicated likely resistance zones, (targets), for Wave 3.

Kindly note, I am not trading POH...I'm in it based on fundamental stuff, (Oxy).

This next bit is not meant to be advise, DYOR. If I were contemplating a trade I would wait to see if prices start moving north and the price does indeed close within wave a of abc. In this case that would be 14c. My stop loss would be set at 12c,(2c risk) and my price target would 22c (8c reward). A 4 to 1 reward to risk ratio is pretty good IMO. A trader only has to get this right 50% of the time to make very good coin based on multiple trades with similar setups, trading is not a single position strategy.