ZIL on Hourly, AB=CD Pattern + Double top?
Updated
Hey everyone, today I bring you a ZIL/BTC chart on the hourly.
As you can see, We have formed a AB=CD pattern , although it's not perfect (see on google the proper fib levels) , it's quite good, as the point C is close to the 61.8 fib (it went to the golden pocket (61.8-65) ) , and the point D is at 1 (Length from A to B, dragged to C) .
By doing the AB=CD pattern, the minimum target is point C.
We can also see that it's forming a double top , it just needs to break 449 to confirm it.
The target for the double top is exactly the 1.272 fib target of the short!
If we look at the Daily of ZIL, and draw a fibonacci retracement, the 78.6 fib is in a cluster with the 1.618 target of the short!
Be prepared guys, now it's up to you how you chose your sell target!
Either choose:
1) Point C which is the 1 fib target in conjunction with the golden pocket.
2) Fib 1,272 in conjunction with the target of the double top(if confirmed).
3) Fib 1.618 in conjunction with the 78.6 fib retracement on the daily.
Caution: After the target is reached, it doesn't mean you should go long! It can go sideways for a while, when it turns bullish I will update and post a new chart.
If you want to share your ideas , comment down below and like if you enjoyed this analysis.
Disclaimer: I'm not a financial adviser , i'm not responsible for any losses due to following my chart analysis!
As you can see, We have formed a AB=CD pattern , although it's not perfect (see on google the proper fib levels) , it's quite good, as the point C is close to the 61.8 fib (it went to the golden pocket (61.8-65) ) , and the point D is at 1 (Length from A to B, dragged to C) .
By doing the AB=CD pattern, the minimum target is point C.
We can also see that it's forming a double top , it just needs to break 449 to confirm it.
The target for the double top is exactly the 1.272 fib target of the short!
If we look at the Daily of ZIL, and draw a fibonacci retracement, the 78.6 fib is in a cluster with the 1.618 target of the short!
Be prepared guys, now it's up to you how you chose your sell target!
Either choose:
1) Point C which is the 1 fib target in conjunction with the golden pocket.
2) Fib 1,272 in conjunction with the target of the double top(if confirmed).
3) Fib 1.618 in conjunction with the 78.6 fib retracement on the daily.
Caution: After the target is reached, it doesn't mean you should go long! It can go sideways for a while, when it turns bullish I will update and post a new chart.
If you want to share your ideas , comment down below and like if you enjoyed this analysis.
Disclaimer: I'm not a financial adviser , i'm not responsible for any losses due to following my chart analysis!
Note
We were almos there, after that (I didn't post , I was busy) ,it formed a Bullish Gartley.
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