Crypto Contest December 16: Primecoin

Primecoin (XPMUSD) has broken out of the triangle pattern in the daily chart.

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

Elliott Wave Analysis

In Elliott Wave terms, Primecoin began a wave one advance on March 10. The red wave one (blue sub-waves i-ii-iii-iv-v) advance finished on June 27, and the red wave two (blue sub-waves a-b-c) correction ended on October 15. If this wave count is correct, Primecoin should be heading next towards the June 27 peak in the red wave three.

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

Looking at the weekly chart, I believe Primecoin is currently in the red wave three (blue sub-wave iii).

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

Zooming into the daily chart, Primecoin is most likely in the blue sub-wave iii and green micro wave iii. The blue sub-wave i began on October 15.

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

Funnymentals

Primecoin is a proof-of-work coin based on searching for prime numbers.

(Source: http://primecoin.io/ and YouTube)

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

If you think this analysis is wrong, upvote this post and upvote the comment "Primecoin will drop below the October 15 low".

If you think Primecoin is in a range, upvote this post and upvote the comment "Primecoin will stay in a trading range between the October 15 low and the August 27 peak until January 16, 2018".

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

You can upvote the comment until 3 PM EST December 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).