Crypto Contest November 20: NEM

NEM (XEMUSD) has broken out of the triangle pattern in the daily chart.

(Chart courtesy of Tradingview.com)

Elliott Wave Analysis

In Elliott Wave terms, NEM began a wave one advance on January 5. The wave one finished on February 4, and the wave two correction ended on February 21. The wave three advance finished on May 22, and the wave four correction ended on July 16. The final wave five advance finished on August 31.

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

Looking at the weekly chart, NEM began a wave one advance in August 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 August 31, and the wave four correction ended on November 2. If this wave count is correct, NEM should be heading next towards the August 31 peak in the wave five.

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

Funnymentals

Here you can find a short introduction video about NEM.

(Source: https://nem.io/)

If you think this analysis is correct, upvote this post and upvote the comment "NEM will takeout the August 31 peak".

If you think this analysis is wrong, upvote this post and upvote the comment "NEM will drop below the July 16 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 July 16 low and the August 31 peak until December 21".

You can upvote the comment until 3 PM EST November 21 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).