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NEM – Chart of the Week for February 29, 2024

by | Feb 29, 2024

This week’s Chart of the Week is NEM.

Before we get started, let me just say this. I believe Bitcoin is going on an epic run. I mean one for the ages. It’s already jumped nearly 280% since I called the bottom at the end of 2022. And there’s PLENTY of opportunity still to come.

If you want to discover how you could capture some of those huge moves — and ESPECIALLY if you know nothing about Bitcoin and REALLY don’t want to get into complicated crypto wallets — I urge you to go here and register your spot to join me Friday, March 1st @ 2pm.

Ok, now onto this week’s epic chart…

This Week’s Chart

NEM has a big picture high-timeframe setup.

Yes, this is a 3 month chart.

From 2015 into 2022 we completed a 5 wave impulsive-type move up, then retraced in a 3 wave corrective fashion down to the current low hitting a 78.6% retrace.

The depth of the retrace combined with the 3-month Roadmap Line (RML)* combine together to make this a potential long timeframe power setup.

The most aggressive entry would be now. If you want to wait for more confirmation, then wait for a move up through $44 or even $55.

Then, the initial target is $100 and shares might be the best long term way to play this opportunity because of how long it could take to play out.

I have some $60 strike calls for Jan. 2026.

Stop loss: The setup invalidates on a move below the 2015 low at $15.65 area. Good luck out there!

The Chart

You can go check out my chart marked up with notes (entries, targets, etc) right here: https://www.tradingview.com/x/RJCIXCNE/

More Free Trade Ideas

I give out free trade ideas like this all the time on my daily morning show “Morning Monster”, as well as my “30 Minutes of Awesome” show Tuesdays at 5pm Eastern.

To get notified every time I go live with those shows, click here to subscribe to my YouTube channel.

Hope to see you there.

— Jeffry Turnmire

 

PS> *The RoadMap Line or RML is based on my Market Roadmap indicator. Market Roadmap is my custom-built TradingView indicator that helps me spot many of the trades I post, including this one. If you’d like to grab Market Roadmap for yourself — and get access to some of my private Discord channels, too  — just click here to pick it up for $5!

In my Discord channels, I give out EVEN MORE free trade ideas — so think about it: Between the free YouTube content, the Discord channels and the Market Roadmap indicator, you could have more than a handful of trade ideas every week!

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