NEO/USD Elliott Wave analysis [Video]

NEO/USD Elliott Wave analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Zigzag.

Position: Wave ((C)).

Direction next higher degrees: Wave Y.

Wave cancel invalid level: $4.36.

Trading strategy overview: After declining from around $22 to the ~$4.50 area, NEO/USD is now showing signs of having completed a major corrective wave. This sets the stage for a potential start of the long-anticipated wave 3.

 Key resistance – Bullish confirmation level:

• Around $5.75.

• A break above this level may confirm the beginning of wave 3.

 Key support – Invalidation level:

• Below $4.36.

• A drop under this level invalidates the current wave structure.

 Wave 3 targets:

• Potential upside targets include $7.50 and $8.77 (aligned with the prior wave IV peak).

Trading strategy:

• For swing traders:

  • If price stabilizes within the support zone and remains above $5.00, consider entering in anticipation of wave 3.

• Risk management:

  • A break below $4.36 suggests a failed structure and will require a reassessment of the entire wave count.

NEO/USD Elliott Wave analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Zigzag.

Position: Wave ((C)).

Direction next higher degrees: Wave Y.

Wave cancel invalid level: $4.36.

The H4 chart reinforces the daily analysis, highlighting that the corrective structure may be complete, and wave 3 could be initiating. The same key support and resistance levels apply, with identical short-term trading and risk strategies for validation.

NEO/USD Elliott Wave analysis [Video]