$ZILUSD - RSI straddling the middlezone.
March 22 was a great month indeed, as ZIL-KRW pairing pushed price action from the doldrums into the stratosphere.
Then April came and took the wind out of ZIL's sails and price dumped hard.
But not hard enough, as evident by the retracement not meeting March's starting point, despite near similar volume.
While it would be tempting to call in a bear market, RSI is straddling the middlezone, around 50, and until it dips, there is still a good chance the the bulls will step in and push price higher, which seems to be the likelier path of least resistance in this Elliot Wave 3 uptrend analysis.
Then April came and took the wind out of ZIL's sails and price dumped hard.
But not hard enough, as evident by the retracement not meeting March's starting point, despite near similar volume.
While it would be tempting to call in a bear market, RSI is straddling the middlezone, around 50, and until it dips, there is still a good chance the the bulls will step in and push price higher, which seems to be the likelier path of least resistance in this Elliot Wave 3 uptrend analysis.
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