NEM (XEM) Completing the Basin Phase

SUMMARY

From the countours of the existing price of current correction of NEM (XEM/USD), one can draw the convex pattern that would likley form the rounded price pattern. The WXYXZ compelx correction could continue into May but if the symmetry can be extrapolated into time, a rally is expected into July or so time frame.

The basin phase (blue rectangle) is the horizontal sideways action of the rounded bottom formation. This is when price literally takes sideways action with little to no volatility and hence, usually the final consolidation stage prior to initiating a climb to higher highs. The blue impulse waves show the potential pathway to a price height that could equal the left wall top. Typically, symmetry is important in price patterns and for rounded formations, the heights of the left and right walls are often equal. The MACD seems all coiled and ready to support a breakout. Let's see how the price action plays out from now to end of April/early May.

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