NEO Elliott Wave technical analysis [Video]

Elliott Wave Analysis TradingLounge Daily Chart

NEO/ U.S. dollar(NEOUSD)

NEO/USD Elliott Wave technical analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave Y

Direction next higher degrees: Wave (II) of Impulse

Wave cancel invalid Level: 9.85

Details: Wave (II) is equal to 61.8% of Wave (I) at 10.71 Level

NEO/ U.S. dollar (NEOUSD) Trading Strategy: Wave Y declines, which is the last wave in the double corrective pattern before prices re-enter the uptrend. We expect that Wave Y may have ended at the 10.30 level, so look for an opportunity to join the uptrend again.

NEO/ U.S. dollar (NEOUSD) Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum.

NEO/USD Elliott Wave analysis four-hour chart

Function: Counter Trend.

Mode: Corrective.

Structure: Double Corrective.

Position: Wave Y.

Direction next higher degrees: Wave (II) of Impulse.

Wave cancel invalid level: 9.85.

Details: Wave (II) is equal to 61.8% of Wave (I) at 10.71 Level.

Wave Y declines, which is the last wave in the double corrective pattern before prices re-enter the uptrend. We expect that Wave Y may have ended at the 10.30 level, so look for an opportunity to join the uptrend again.

NEO/ U.S. dollar(NEOUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum.

NEO Elliott Wave technical analysis [Video]