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NEO Elliott Wave technical analysis [Video]

NEO Elliott Wave technical analysis [Video]
Peter MathersPeter MathersTradingLounge

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]

Youtube preview

Author

Peter Mathers

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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