All complex numbers can be expressed as $r(\cos \theta+i \sin \theta)=r e^{i \theta}$. Let $z_{n}$ be $r_{n} e^{i \theta_{n}}$. $\frac{z_{n+3}}{z_{n}^{2}}=\frac{z_{n+2}^{2} z_{n+1}}{z_{n}^{2}}=\frac{z_{n+1}^{5} z_{n}^{2}}{z_{n}^{2}}=z_{n+1}^{5}$ is real for all $n \geq 1$, so $\theta_{n}=\frac{\pi k_{n}}{5}$ for all $n \geq 2$, where $k_{n}$ is an integer. $\theta_{1}+2 \theta_{2}=\theta_{3}$, so we may write $\theta_{1}=\frac{\pi k_{1}}{5}$ with $k_{1}$ an integer. $\frac{r_{3}}{r_{4}}=\frac{r_{4}}{r_{5}} \Rightarrow r_{5}=\frac{r_{4}^{2}}{r_{3}}=r_{4}^{2} r_{3}$, so $r_{3}=1 . \frac{r_{3}}{r_{4}}=2 \Rightarrow r_{4}=\frac{1}{2}, r_{4}=r_{3}^{2} r_{2} \Rightarrow r_{2}=\frac{1}{2}$, and $r_{3}=r_{2}^{2} r_{1} \Rightarrow r_{1}=4$. Therefore, the possible values of $z_{1}$ are the nonreal roots of the equation $x^{10}-4^{10}=0$, and the product of the eight possible values is $\frac{4^{10}}{4^{2}}=4^{8}=65536$. For these values of $z_{1}$, it is not difficult to construct a sequence which works, by choosing $z_{2}$ nonreal so that $\left|z_{2}\right|=\frac{1}{2}$.