ZenCash (ZEN) is Close to Completing the WXYXZ Cycle

SUMMARY

Back on February 17th, the below chart was posted for ZENCash (ZEN/USD) given the ominous bearish wick event. The red arrow had shown the projected bottom target and that target still remains.

Here is an updated Elliott Wave count with WXYXZ. It shows that the blue Z wave is almost done. Does that mean the correction is almost down? Yes, with the exception of a sideways price movement, which is also likely to be part of the bottoming process. But at least not before a sizable bounce.

The subwaves of blue Z wave shows that the abc is nearly complete and the five subwaves of c itself has it probably on the 5th wave down. That's and indication of a pretty close bottom of the whole WXYXZ move.

The daily chart shows the MACD very oversold. This is NOT sustainable because it equivalent to everyone on the sell side of the boat. This has to give.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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