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.
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Tutorial on the use of Fibonacci & Elliott Waves
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