ZEN - Is It Time for a Correction?

It appears that ZEN is in the process of forming a potential ABC corrective structure:

Wave A and Wave B Context:

• Wave A (5 impulsive waves down) is complete, forming the foundation of this corrective pattern.
  

• Wave B retracement is currently unfolding, heading toward the golden pocket zone (Fib 0.618 - 0.666). If price extends further to Fib 0.786, this would offer the best short entry with minimal risk and high reward potential.
  

Ideal Short Entry Zone:

• The golden pocket (Fib 0.618 - 0.666) is identified as the optimal area for initiating short positions.
  

• For added precision, consider laddering entries from Fib 0.618 up to Fib 0.786, especially during fast impulses.
  

Wave C Target Zone:
The projected Wave C target remains the 1:1 trend-based Fibonacci extension at $24.46, with the following key confluences:

• Anchored VWAP at $29
  

• Point of Control (POC) from the old trading range
  

• Psychological level of $30
  

• Fib speed fan 0.618 aligning with the support zone
  

Trading Plan

Short Setup:

• Ladder short entries in the Fib 0.618 - 0.786 zone, monitoring price action for confirmation.
  

• Aim for Wave C completion around the $30-$29 support zone
  

Long Setup (Wave C Completion):

• Watch for signs of reversal at the $30-$29 support zone, which offers significant confluence for long entries.