ZAP is currently bearish. We are currently in a short term symmetrical triangle. I believe this is a great opportunity, however, we need to wait for confirmation to buy.
Steps to take:
1) Buy if daily candle open/closes above blue downtrend line or Engineering Robo gives multiple buy signals (combination of two, Buy 3, Buy 4, Super Buy, Moon)
2) Sell if daily...
Finished the retrace of 75% for the second cycle and building for the third move up.
Also finding bullish divergence on the 1D chart is a key indicator of a reversal.
Expecting this move to make significant traction towards the end of the week, with the potential to approach ATH.
Seems like the ZAP cycle is finishing up here.
Reasons to be bullish:
Higher low on the daily timeframe.
Hidden bullish divergence.
Beneath 50d MA.
Consolidating for over twice as long as previous move (38 vs. 14 days).
Reasons to be bearish:
Only 68% retracement from second pump compared to 82% in the first pump.
RSI losing steam at resistance.
Technical Analysis using Elliott Wave Principle
The price breaks ending diagonal channel of wave (5). If this count is correct, I expect more upside movement since the correction wave A-B-B(blue) is completed.
Wave (5) also landed beautifully at 0.786 fibonacci retracement level.
RSI hourly shows bullish divergence may confirms trend reversal.
Stop loss at the...