Who wants to be a $Zillionaire? Let's explore the dip!Foremost, this is a study piece that employs Elliot Wave analysis to anticipate $ZIL's trajectory in the near term. This is NOT FINANCIAL ADVICE .
We begin by acknowledging that $ZIL is currently on its own Super Cycle, beginning from 2020's nadir in March:
Corrective Wave (II) underway, at the Super Cycle degree.
This is quite the achievement for this nascent protocol with burgeoning roots within the global crypto community, so kudos to all you Zilliqans out there.
💎 🙌 though, because a ~61.8% retracement can be expected in the midterm -- dayum these second waves!
$ZIL's second wave is notably lengthy and boring, as evident by Jun 2020 to Sep 2020 consolidation period, where price retraced ~61.8%:
Corrective Waves ((A)), ((B)) and ((C)) playing out over a roughly 3.5 months at the Primary Cycle degree.
With that in mind, expect a low-key few weeks ahead, as $ZIL enters a consolidation period.
While the next Impulse Wave (III) at the Super Cycle degree is highly anticipated and desired, it probably won't happen until May/Jun of 2021.
We will have to contend with going through the motions of a midterm bearish trend for now:
Corrective Wave B underway, at the Cycle degree.
If we are to consider Corrective Wave A (appearing as a leading diagonal) to have completed after touching $0.081, then we can apply the usual retracement for a Corrective Wave B, which is between 32.8% to 78.6%, with a target price of $0.14.
However, there is also the low possibility that this Corrective Wave A has not yet completed its move, which turns it from a leading diagonal into an impulse wave instead, with a target price of $0.064 -- but we will put aside this theory, until more confirmation appears.
Either way, anticipating that we are in a dip, acknowledging that it will be a strong and long dip, and having the guts to endure ( and also buy ) the dip..
..will be key to becoming a $Zillionaire!
