Horizen / TetherUSShort
ZEN - Is It Time for a Correction?
It appears that ZEN is in the process of forming a potential ABC corrective structure:
Wave A and Wave B Context:
Ideal Short Entry Zone:
Wave C Target Zone:
The projected Wave C target remains the 1:1 trend-based Fibonacci extension at $24.46, with the following key confluences:
Trading Plan
Short Setup:
Long Setup (Wave C Completion):
Wave A and Wave B Context:
- Wave A (5 impulsive waves down) is complete, forming the foundation of this corrective pattern.
- Wave B retracement is currently unfolding, heading toward the golden pocket zone (Fib 0.618 - 0.666). If price extends further to Fib 0.786, this would offer the best short entry with minimal risk and high reward potential.
Ideal Short Entry Zone:
- The golden pocket (Fib 0.618 - 0.666) is identified as the optimal area for initiating short positions.
- For added precision, consider laddering entries from Fib 0.618 up to Fib 0.786, especially during fast impulses.
Wave C Target Zone:
The projected Wave C target remains the 1:1 trend-based Fibonacci extension at $24.46, with the following key confluences:
- Anchored VWAP at $29
- Point of Control (POC) from the old trading range
- Psychological level of $30
- Fib speed fan 0.618 aligning with the support zone
Trading Plan
Short Setup:
- Ladder short entries in the Fib 0.618 - 0.786 zone, monitoring price action for confirmation.
- Aim for Wave C completion around the $30-$29 support zone
Long Setup (Wave C Completion):
- Watch for signs of reversal at the $30-$29 support zone, which offers significant confluence for long entries.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.