Usually when measuring the retracements for potential harmonics we use the Linear Fibonacci scale but i think it might be acceptable to use the FIB tool adjusted for log scale in certain instances and this is one of them.
Pay no mind to the numbers auto generated by the Cypher tool as those numbers are only Linear scale retracements and the tool doesn't have a log scale adjusted option like the FIB tool does.
For those who would like to check the measurements themselves I have color coded each individual set of waves:
XA-B retrace in Orange
AB extension to C in Blue
BC extension to D in Green
X to C retrace to D in Black.
I have also marked the PCZ of the shark in the Blue Box if pattern is valid we will see a reversal between the 886 and 1.13 retracements.
Price-wsie that's between 37-15 dollars
Yea i know, that's a huge zone of reversal but that's the nature of a Shark pattern.
because of how big the reversal zone is it is too early to plot fib targets for the pattern for i currently don't have a definite price to fib from yet but something i can say is no matter where it reverses in this zone even a 0.382 and 0.50 retrace would yield a 100-200% move.
Alternatively I have also spotted a broadening and descending wedge marked in the green trendlines and are currently showing TDI-RSI bullish divergence from the lows back in December and February to our current lows a breakout of the wedge on it's own gives us a measure move back to around 300 if we're being conservative.
ZEC has never been my favorite coin but based off the technicals presented here i find no harm in trying to own atleast a few of them then forgetting about them to see how this pattern plays out.
Pay no mind to the numbers auto generated by the Cypher tool as those numbers are only Linear scale retracements and the tool doesn't have a log scale adjusted option like the FIB tool does.
For those who would like to check the measurements themselves I have color coded each individual set of waves:
XA-B retrace in Orange
AB extension to C in Blue
BC extension to D in Green
X to C retrace to D in Black.
I have also marked the PCZ of the shark in the Blue Box if pattern is valid we will see a reversal between the 886 and 1.13 retracements.
Price-wsie that's between 37-15 dollars
Yea i know, that's a huge zone of reversal but that's the nature of a Shark pattern.
because of how big the reversal zone is it is too early to plot fib targets for the pattern for i currently don't have a definite price to fib from yet but something i can say is no matter where it reverses in this zone even a 0.382 and 0.50 retrace would yield a 100-200% move.
Alternatively I have also spotted a broadening and descending wedge marked in the green trendlines and are currently showing TDI-RSI bullish divergence from the lows back in December and February to our current lows a breakout of the wedge on it's own gives us a measure move back to around 300 if we're being conservative.
ZEC has never been my favorite coin but based off the technicals presented here i find no harm in trying to own atleast a few of them then forgetting about them to see how this pattern plays out.