Chiliz

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.

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So, CHZ reached the first target, and trying to break above it. If successful, CHZ would go up toward the major correction pattern's uppe line. Let's see what happens.

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So, Chiliz is going up and approaching the major resistance area; the curved correction downtrend line and the horizontal rsistance area. Let's see what happens.

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So, even though Chiliz made another visit to the curved correction bottom line, the main analysis is still valid. Chiliz bounced from the bottom and broke the downtrend line. Let's see if Chiliz can reach the upper line this time.

SaeedSalehinia

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SaeedSalehinia