Wave analysis of ZCash for the week from 01/09/2024.
In the long term, the ZECUSD cryptocurrency forms a bearish trend - a double zigzag W-X-Y inside wave (Y). The first two parts, waves W-X, have already been built. Now the last sub-wave Y is forming, most likely it will be a double zigzag [W]-[X]-[Y]. To fully equip it, you need sub-wave [Y]. Let's look at the marking of the last section of the chart on a smaller timeframe.
The connecting wave [X] recently completed in the form of a double zigzag, then the market began to reverse. It is quite possible that the initial part of the current wave [Y] is now being built. In the near future, a bearish zigzag A-B-C is expected to form. At the moment, the first impulse wave A and the upward correction B have been completed. We also see three completed parts within impulse C. In the coming days, a correction [4] is expected to form, and then a fall in the sub-wave [5] in the direction of 21.04. At this level, the magnitude of wave C will be 161.8% of wave A.
