Hi dear friends, hope you are well, and welcome to the new update on XEM (NEM).
From the 1st detailed videos on XEM, I have been telling you that once the priceline reaches the support of broadening formation and in the buying zone of BAT pattern , then watch for the MACD and stochastic to turn bullish then buy within the buying zone of BAT, but the price action broke down the BAT’s potential reversal zone and the support of the broadening formation as well and macd and stochastic are continuously very very bearish and giving strong sell signals.
A possible Shark pattern:
Now if we switch to the 2-day chart then the priceline is completing the final leg of bullish Shark therefore we can wait for the priceline of XEM to enter the buying zone of this Shark pattern and then wait for the daily MACD and Stochastic to turn bullish or at least weak bearish then place our buying orders. There is also good support of 200 simple moving average in buying zone.
Buying and sell targets for Shark move:
The buying and sell targets as per the Fibonacci sequence of the Shark pattern should be:
Buy between: $0.2445 to $0.1017
Sell between: $0.4331 to $0.7836
The maximum extent of potential reversal zone can be used as stop-loss that is to $0.1017
Possible profit and loss ratio:
As per the above targets, this trade has a huge profit possibility of 670%, and the loss possibility is also big that is 59%.
A possible bullish Cypher pattern:
Now there is another possibility with the move of XEM, because, in 2-day time period chart, the priceline of NEM has also completed a formation of bullish Cypher .
Now if on the daily time frame chart the price action does not complete the final leg of Shark and we receive the bullish signals by the MACD and Stochastic , then our buying and sell targets should be as per bullish Cypher pattern which is as below:
Buy between: $0.4804 to $0.3475
Sell between: $0.5853 to 0.8367
As per the above targets, this trade will also have a good profit possibility of 140%, and the loss possibility is also big that is 28%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
For exact buy and sell targets for this trade, and other harmonic trading signals you can join: