ZIL/USD - Increase Expected But Likely Corrective
The price of Zilliqa has been increasing from the 2nd of August unlike other major cryptos but has now started forming an ascending range from which we could expect another impulsive runup as it is likely developing its 4th wave from the lower degree count.
However, this five-wave move that is anticipated to develop in the upcoming period looks like the sub-wave of the C wave from the higher degree count which is an ABC correction that is the 2nd sub-wave of the higher degree B wave. This is why after its completion another five-wave impulse to the downside would be expected as the C wave out of the same degree would develop and push the price of ZIlliqa to retest some of the broken resistance for support
However, this five-wave move that is anticipated to develop in the upcoming period looks like the sub-wave of the C wave from the higher degree count which is an ABC correction that is the 2nd sub-wave of the higher degree B wave. This is why after its completion another five-wave impulse to the downside would be expected as the C wave out of the same degree would develop and push the price of ZIlliqa to retest some of the broken resistance for support
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