Crypto Contest November 10: NEM

NEM has broken out of the wedge pattern in the daily chart.

(Chart courtesy of Tradingview.com)
In Elliott Wave terms, I believe NEM has completed one cycle from the May 28 low. The five wave advance ended on the June 28, and the three wave correction finished on the October 29.

(Chart courtesy of Tradingview.com)
In the weekly chart, NEM is currently most likely in the wave five. The wave one started in the November 2015, and finished in the March 2016. The wave two correction ended in the May 2016, and the wave three advance finished on the June 28. The wave four correction ended on the October 29. If this wave count is correct, NEM should be heading next towards the June 28 peak.

(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 August 19 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "NEM will drop below the October 29 low".
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