1 And the angel that talked with me came again, and woke me, as a man that is woken out of his sleep.
There is no indication of how long it has been since the last vision. This may be a continuation of the last one.
2 And said unto me, “What see thou?” And I said, “I have looked, and behold a candlestick all of gold, with a bowl upon the top of it, and his seven lamps thereon, and seven pipes to the seven lamps, which are upon the top thereof:
3 “And two olive trees by it, one upon the right side of the bowl, and the other upon the left side thereof.”
Zechariah sees a new vision of a candlestick (oil lamp, probably) and olive trees.
4 So I answered and spake to the angel that talked with me, saying, “What are these, my lord?”
5 Then the angel that talked with me answered and said unto me, “Knowest thou not what these be”? And I said, “No, my lord.”
6 Then he answered and spake unto me, saying, “This is the word of the LORD unto Zerubbabel, saying, Not by might, nor by power, but by My spirit, says the LORD of hosts.”
The last half of this verse makes a wonderful song. I can’t read it. I have to sing it.
7 Who art thou, O great mountain? Before Zerubbabel thou shalt become a plain: and he shall bring forth the headstone thereof with shoutings, crying, Grace, grace unto it.
Zerubbabel was the governor of Judah. God is telling him that He will flatten all the obstacles to renewing Judah. Their rebuilding will be successful.
8 Moreover the word of the LORD came unto me, saying,
9 The hands of Zerubbabel have laid the foundation of this house; his hands shall also finish it; and thou shalt know that the LORD of hosts has sent me unto you.
10 For who has despised the day of small things? For they shall rejoice, and shall see the plummet in the hand of Zerubbabel with those seven; they are the eyes of the LORD, which run to and fro through the whole earth.
God will show His power through Zerubbabel and no one will doubt his calling.
This seems to tell Zechariah what the candlestick means; it is the Glory of God.
11 Then answered I, and said unto him, “What are these two olive trees upon the right side of the candlestick and upon the left side thereof?”
12 And I answered again, and said unto him, “What be these two olive branches which through the two golden pipes empty the golden oil out of themselves?”
13 And he answered me and said, “Know thou not what these be?” And I said, “No, my lord.”
14 Then said he, “These are the two anointed ones, that stand by the LORD of the whole earth.
The two anointed ones for this people at this time are the High Priest Joshua and the governor Zerubbabel. Their obedience will bring God’s Glory back to Jerusalem.
In the book of Revelation, this verse is referred to when discussing God's anointed for that time; The New Israel, the Christian Church.