Goodfella - agree with your views of EW rules and supposition that a doubling in Z1P's price would be unlikely any time soon (I keep expecting the BNPL sector to implode but it just goes on defying gravity - however report just published by ASIC suggests problems on the horizon). On a purely academic point you say you count the entire chart as 3 wave moves - not 5. While I know that EW is very subjective I can see a text book cycle in the chart from start to March 2020 - but is that and entire cycle or just a drawn out Wave 1 of a larger cycle? March low to August high seems too short a time for me to be Waves 1 to 5 (while acknowledging that isn't impossible). I saw a possible price channel forming (green on chart) and perhaps that is where you see the 3 wave structure. Then I saw a larger channel (beige on chart) which could have 3 wave structure as well - and suggesting price would fall back towards $5 (but to do so it would need to break a very strong level of support around $5.70) Your comments?
Z1P Price at posting:
$6.00 Sentiment: None Disclosure: Not Held
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