Crypto Contest January 16: NEM

NEM (XEMBTC) has broken out of the triangle pattern in the four-hour chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, XEM began a wave one advance on December 8, 2017. The red wave one finished on the same day (December 8, 2017), and the red wave two correction ended on December 10, 2017. The red wave three (blue sub-waves i-ii-iii-iv-v) advance finished on January 4 this year, and the red wave four (blue sub-waves a-b-c) correction could have ended today (January 16). If this wave count is correct, XEM should be heading next towards the January 4 peak in the red wave five.

(Chart courtesy of Tradingview.com (log scale))

In the weekly chart, I believe XEM is currently in the red wave five. The red wave five began on December 8, 2017.

(Chart courtesy of Tradingview.com (log scale))

Looking at the weekly line chart, one can see that there is no overlapping between waves one and four.

(Chart courtesy of Tradingview.com (log scale))

Funnymentals

NEM is a peer-to-peer crypto platform. Here is a 12 minute video talking about the latest developments in NEM. The video was published on January 14 by The Crypto Lark.

(Sources: https://nem.io/ and YouTube)

If you think this analysis is correct, upvote this post and upvote the comment "XEM will takeout the January 4 peak".

If you think this analysis is wrong, upvote this post and upvote the comment "XEM will drop below the December 10, 2017 low".

If you think XEM is in a range, upvote this post and upvote the comment "XEM will stay in a trading range between the December 10, 2017 low and the January 4 peak until February 16".

You can upvote the comment until 3 PM EST January 17 and you can upvote only one comment. 50% of SBD from this post will be distributed equally to the winners. The winners will be determined by the price action (which one happens first).

Bonus

I will be sending one Trophy Token to everyone who manages to get these crypto contests right seven times in a row. If/when you accomplish this, please contact me at Steemit Chat with your BitShares address.