Crypto Contest January 21: NEM

NEM has broken to the upside from the daily wedge pattern.

(Chart courtesy of Tradingview.com)
In Elliott Wave terms, NEM began a five wave advance on January 5. The five wave advance finished on January 11, and the three wave correction ended on January 17. If this wave count is correct, NEM should be heading next towards the November 11, 2016 peak in a wave three of larger degree.

(Chart courtesy of Tradingview.com)
Looking at the weekly chart, NEW started a five wave advance from the all-time low. The wave five ended in June 2016, and the three wave correction finished on January 5. Ideally, NEM should be now heading towards the June 2016 peak in a wave three of higher time frame.

(Chart courtesy of Tradingview.com)
Disclosure: I am/we are long NEM.

If you think this analysis is correct, upvote this post and upvote the comment "NEM will takeout the November 11, 2016 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "NEM will drop below the January 5 low".
If you think NEM is in a range, upvote this post and upvote the comment "NEM will stay in a trading range between the January 5 low and the November 11, 2016 peak until February 18".
You can upvote the comment until 3 PM EST January 22 and you can upvote only one comment. 200% of Steem (2 X 0.182 STEEM) from this post will be distributed equally to the winners. The winners will be determined by the price action (which one happens first). Only participants with a Reputation of 35 or more will qualify in the contest.