POL is most probably in a corrective wave down which has started after a strong impulse wave up. Currently the market is in wave C of the corrective pattern downwards.
As per our prefer count, on the minor level we are currently in the 5 wave of Wave C, which is either complete or will get extended further down. Once the price closes below 549 it will open targets for wave 5 extension levels as per Elliott wave rule. Also in addition it will give confidence in the Double Top pattern and we can use the chart pattern as well to determine the targets. Remember volume is the key indicator here.
On the other hand if the wave 5 of Wave C is over, then we are in 1 or A wave of an impulse or corrective wave up. The formation of the wave will help us determine the upside targets if price does break above last swing high.
Let see how this plays, Good Luck !
Disclaimer: This is for informational purposes only; anyone taking trades using this idea will be liable for their own profit or loss.
As per our prefer count, on the minor level we are currently in the 5 wave of Wave C, which is either complete or will get extended further down. Once the price closes below 549 it will open targets for wave 5 extension levels as per Elliott wave rule. Also in addition it will give confidence in the Double Top pattern and we can use the chart pattern as well to determine the targets. Remember volume is the key indicator here.
On the other hand if the wave 5 of Wave C is over, then we are in 1 or A wave of an impulse or corrective wave up. The formation of the wave will help us determine the upside targets if price does break above last swing high.
Let see how this plays, Good Luck !
Disclaimer: This is for informational purposes only; anyone taking trades using this idea will be liable for their own profit or loss.
Note
We have modified and re-published this chart with a better fitting count and will share my updates on that. 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.