SUMMARY
To me, ZCoin (XZC) is a coin that I watch to see when that very bullish looking wedge pattern might break out with respect to the sage of the waves that make it up. Could there be a washing out effect with one more lower low spike down? I'd love that because then buy rungs would be filled!!
I call the below a sling shot effect. It's a curvaceous pattern but not complete in form to be categorized as a Rounding Bottom or a Cup & Handle. However, as sentiment drives all price movement, this curvey setup allows a run way effect of bull sentiment while crescendoing higher and higher. It is currently doing a healthy correction and will likely retrace as much as 50%. However, this would be very healthy as a setup to the next leg up!
Here is the Elliott Wave higher degree count. If the current wedge correction represents wave 2 down; then the next wave's got to be wave 3 UP! The Elliott Waves show a wave 5 target of $595 or 6x in profit potential! Bear in mind that nothing goes straight up. There must always be healthy corrections along the way!
Legal Disclaimer: 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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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