NEO Elliott Wave technical analysis [Video]
|NEO/USD – Elliott Wave technical analysis
Function: Follow trend.
Mode: Motive.
Structure: Impulse.
Position: Wave ((2)).
Direction next higher degrees: -
Wave cancel invalid level: -
NEO/USD trading strategy
Following the end of NEOUSD’s major downtrend near $4.2 and a successful recovery forming wave (1), the price is now stabilizing within the wave (2) structure. This sets up for a potential strong rally into wave (3).
Trading strategies
Strategy
- For short-term traders (swing trade): If the price declines into the $5.05–$4.88 zone and a reversal signal appears, it presents a good opportunity to join the wave (3) uptrend.
Risk management
- If the price drops below $4.2, the structure needs to be reassessed.
NEO/USD – Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.