NEO Elliott Wave technical analysis [Video]
|NEO/USD Elliott Wave technical analysis
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Zigzag.
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Position: Wave ((C)).
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Next higher degree direction: Wave Y.
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Wave cancellation invalid level: N/A.
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Details: The ongoing correction follows a WXY pattern, concluding at approximately $6.938 USD.
NEO/USD trading strategy
Following a strong rally that pushed NEO's price to $26.12 at the end of last year, the price has undergone a sharp correction according to the WXY corrective structure, recently reaching a low of $6.93, a critical support zone. NEOUSD is currently in wave (II) of the broader uptrend. The corrective move follows a WXY Double Zigzag pattern, a complex structure indicating the downtrend is nearing completion.
A key support level at $7.56 is crucial. If the price stays above this threshold, a potential bullish reversal may occur.
Trading strategies
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Strategy:
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Long strategy
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For short-term traders (Swing trade):
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Look for price stability above $7.56 and potential bullish reversal signals such as a Bullish Divergence or a breakout above the $9.30 resistance level.
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Risk management:
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If the price falls below $6.93, it may indicate the correction is not yet over and further downside movement remains possible.
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NEO/USD Elliott Wave technical analysis
-
Function: Counter Trend.
-
Mode: Corrective.
-
Structure: Zigzag.
-
Position: Wave ((C)).
-
Next higher degree direction: Wave Y.
-
Wave cancellation invalid level: N/A.
-
Details: The correction follows a WXY structure, completing near $6.938 USD.
NEO/USD trading strategy
After a substantial surge to $26.12 at the end of last year, NEOUSD has sharply corrected within a WXY pattern, recently bottoming at $6.93, a major support zone. Currently, NEOUSD is within wave (II) of the primary uptrend. The correction follows a WXY Double Zigzag structure, a complex downtrend pattern nearing its final phase.
A critical support level is at $7.56. If the price holds this level, a potential bullish reversal may emerge.
-
Strategy:
-
Long strategy
-
For short-term traders (Swing trade):
-
Look for price stability above $7.56 and signs of reversal, such as a Bullish Divergence or a breakout above $9.30 resistance.
-
-
-
Risk management:
-
If the price drops below $6.93, it may suggest the correction is still ongoing, with further downside risk.
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TradingLounge analyst: Kittiampon somboonsod, CEWA.
NEO/USD Elliott Wave technical analysis [Video]
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