ZEC - Bullish Elliot Wave Outlook with Price Targets
Elliot Wave theory suggests that any trend can be divided into 8 waves, the first five of which are in the uptrend. Zcash has clearly broken out of the previous downtrend and is now tacking upwards in its uptrend. I believe we've already seen the 1st and 2nd waves and are in the midst of the third wave. This chart uses Fibonacci Levels to suggest possible touchstones for each individual wave. Note that the existing waves match fairly well to the fib levels, an encouraging sign that this TA could be on track.
Given enough momentum, it's entirely possible that the five waves outlined here only compromise the first/third waves of the overall uptrend. Would need to see accelerating volume in each successive wave if that was the case.
Given enough momentum, it's entirely possible that the five waves outlined here only compromise the first/third waves of the overall uptrend. Would need to see accelerating volume in each successive wave if that was the case.
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