Crypto Contest July 27: NEM

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

(Chart courtesy of Tradingview.com)

In Elliott Wave terms, NEM began a wave one advance in November 2015. The wave one finished in June 2016, and the wave two correction ended on January 5 this year. The wave three advance finished on May 19, and the wave four correction ended on July 10. If this wave count is correct, NEM should be heading next towards the May 19 peak in the wave five.

(Chart courtesy of Tradingview.com)

If you think this analysis is correct, upvote this post and upvote the comment "NEM will takeout the May 19 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 May 19 peak until August 27".

You can upvote the comment until 3 PM EST July 28 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). Only participants with a Reputation of 35 or more will qualify in the contest.