NICE art showing that! Way fancier than mine.
But mine is basically going by the idea that the art shown in the manga was roughly how it would be. Basically the most obvious scenarios. It also seems like the poneglyph describes a location in particular, like an island that's there in the grand line and would be near it. And given that this is the same chapter that they're talking about the Poneglyph translation, I don't have any reason to think anything else would be more likely. But we'll see.
Also, keep in mind Raftel has to be at the end of the grand line, or we've been fed more lies :ninja:
@Coookie really proved a point, your theory is not wrong but viable only if all the points written in the road ponegliphs are located on the grand line in the new world and that still wouldn't be enough.
If each point is located in one of the four seas you can't definitely be able to use the triangle to find out where Raftel is.
One ponegliph for each sea would also make sense for a lot of reasons (and plotwise), and would also make the wg flag consistent.
Everybody in this chapter is talking about secrets, not treasures…