ZEN Trade Setup: Ride the Wave to +50% Profit
After a strong bullish impulse, ZEN completed a 5-wave structure resulting in a +72% price increase and successfully took out a key high. This marked a potential short trade opportunity at the key resistance level.
Subsequently, the price retraced significantly, forming a pullback into the golden pocket (0.618–0.65 Fibonacci retracement), a high-probability buying zone. This corrective move also completed a 5-wave structure to the downside, providing a favorable long trade opportunity with a compelling Risk-to-Reward (R:R) ratio of 3:1.
The target for this long trade is the 0.618 Fibonacci retracement level of the entire impulse wave at $35.86, representing a potential upside of nearly 50%. Additionally, the negative 0.234 Fibonacci level at $35.98 aligns closely with this target, creating a good confluence zone.
Key Levels:
Subsequently, the price retraced significantly, forming a pullback into the golden pocket (0.618–0.65 Fibonacci retracement), a high-probability buying zone. This corrective move also completed a 5-wave structure to the downside, providing a favorable long trade opportunity with a compelling Risk-to-Reward (R:R) ratio of 3:1.
The target for this long trade is the 0.618 Fibonacci retracement level of the entire impulse wave at $35.86, representing a potential upside of nearly 50%. Additionally, the negative 0.234 Fibonacci level at $35.98 aligns closely with this target, creating a good confluence zone.
Key Levels:
- Entry Zone: $23–$25
- Primary Target: $35.86 (0.618 Fibonacci retracement)
- Confluence Level: $35.98 (Negative 0.234 Fibonacci extension)
- Stop-Loss: Below the low of $21 for downside risk mitigation, DCA
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