Long

Chiliz

Updated

In relation to technical analysis, Chiliz is awesome in a weird a way! First, consolidating in a triangular/boat like zone, then bursting upward. Next, enter a corrective phase in a downtrend channel. Could it burst again upward reaching Fib level 1 making ABC pattern in which A=C? Only time will tell. Let's see what happens.

P.S. the middle of the triangular consolidation zone is selected as the start point of Fibonacci extension.

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Chiliz broke the downtrend line and is going toward the channel's upper line. Let's see what happens.

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Chiliz on its way toward the channel's upper line. Let's see how Chiliz will react to this line; a correction and then break, or break and then a pullback.

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Chiliz have reached the channel's upper line. Here, some pullback, correction or oscillation is most possible. Let's see what happens.

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So, Chiliz broke the descending channel's upper line and is going up, reaching the first horizontal resistance area. Let's see what happens.

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So, Chiliz couldn't break the horizontal resistance area, thus made a pullback on the broken descending channel's upper line. It seems Chiliz's correction wave 2 ended somewhere between 0.5 and 0.618 Fib retracement levels. Also, Chiliz is posed to start the next upward impulse wave; have to wait and see which of the waves 3 or 5 is going to be the extended one. Let's see what happens.

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So, after Chiliz broke the major downtrend channel, it sent up a little, but couldn't pass the horizontal resistance area. Then, a correction wave started that went down to the previous lowest low; almost deep. This correction may seem bad, but on the monthly time frame, it shows that Chiliz has made a double bottom as well as a nice pin bar candle. This means the previous lowest low is a strong support, and also that the previous major correction is finished. Although, one must be careful and see how the next monthly candle closes. Let's see what happens.

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Just an update; Chiliz made a big harmonic pattern, broke it, and is going up. Let's see what happens.

SaeedSalehinia

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