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.
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