SUMMARY
NEM (XEM/USD) has been correcting and the steepness is doing a bit of leveling off. While still within the wedge pattern and price is approaching the apex closer everyday; a breakout is not a guarantee of immediate new all time highs. Time and price can be extended with further sideways action.
The subwave analysis shows that wave 5 of red C could be in soon. However, be a bit suspicious of the breakouts because unless Bitcoin shows serious trend reversal indications, NEM is not likely to go solo. However, Bitcoin is sitting on ciritical support that could propel it upwards as had been done in the past. The next few days could provide a resolution in direction.
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