Po.et (POE): The MACD has Traveled All It Can with the Symmetrical Triangle

SUMMARY

Po.et (POE) has been going sideways since early March and the recent price action seems to be patterning out a rounded bottom (blue arrow). The prior impulse up (blue) shows an extended 5th wave; hence the deep correction. The wxyxz complex waves could be complete if we see an onset of impulse wave moving up.

The MACD has pretty much traveled all it can through the narrowing parameters. A breakout is highly likely. This would initiate the first of three series of impulse wave moves upward as shown in the below chart. Does this look like a price crash scenario? Would you be a buyer or seller at this stage?

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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