SUMMARY

On March 21st, I had analyzed Neblio (NEBL/BTC) for a potential breakout of a slim looking downward wedge pattern. The below chart showed teh abcde sequence being complete and the green Elliott Waves outlined what could be the early impulse move up. Since then, price has delivered a whopping 79.6% in profitable price increase! Not too shabby!

Since then, NEBL has performed quite well. The breakout from the wedge ocurred as expected and projected. However, a new pattern has also emerged and that's the rounded price formation; which overlaps with the wedge. I believe a Cup & Handle scenario is in the works as outlined below. The MACD is has just lifted out of the symmetrical pattern and should continue supporting the price as it puts in the right wall of the Cup formation.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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