POG - down 30%

Shotry wrote: I should have said H&S, not iH&S. Sorry.

hi shotry
head and shoulders has to come at the top of a trend
This is not a head and shoulders

I should have said H&S, not iH&S. Sorry.

screencast.com/t/lLtaQmCOaTm

Is it an iH&S formation with a target around 117?

This is back at the steep short term downtrend today have so far failed to make a 123-low from the bounce up to 163.84. Could this trigger a drop to the 123p level which was support in late 2002 or is it going back to 80p?:



dl.dropboxusercontent.com/u/20815047/POGdaily10_05_13.gif

Hi paitech
The only time id feel comfortable with pog is once the short term down trend line is breached.This is currently at 190. Then id also look for a clear 123 low. We did get a small 123 low but it for me was not clear enough. There was only 1 point difference between the low and number 2 point.
SO id look for a retrace from current run then see if it can break above latter,by this point it may be testing the trend line if were lucky.
The 123 method wont get you in early but helps to put the odds in your favor rather than catching a falling knife. So once it breaks out of a 123 low formation my stops would be below the 2 point so risk is controlled.

support...130.5,,113,,80
resistance...186.6(gap),,190,,225

Hi Remo, whats your view on POG?
An updated chat and thoughts would be much appreciated.

Thanks
G