A good example of a bottoming process.We had both the & Fisher long term positive divergence and a . Trend change was confirmed by both & Fisher. Before today's big jump Netflix was consolidating perfectly from top to bottom of CLONE 3( ). Near term target , top of CLONE 4.
@huntingsniper..Hello, having looked at charts for many years I observed that more often then not price swings move, more or less, with equal distances just like price patterns like the pole-flag and the head & shoulder pattern for example. So all I do is look for major pivot points and draw a box.The reference box can be drawn at any place on the chart , you don't have to necessarily start at the bottom. One general rule is that if there is too many pivots in an area that I'm interested in I will take the average of the pivot levels.What I like the most about cloning is that you can project future price levels when an instrument has surpassed the old time high or low. Just like any other technique cloning should be used with other tools for confirmation. Works very well in conjunction with trend lines and Fib.levels.Also clone boundary targets don't have to be perfect, if you see a reversal candle pattern just above or below to clone boundary that's good enough.