NEO/USD Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Zigzag.
Position: Wave ((C)).
Direction next higher degrees: Wave Y.
Wave cancel invalid level:
NEO/USD trading strategy: It is in a corrective wave structure nearing its end. If it can break through the bullish level at $15.414, it will confirm that a new uptrend has started. However, if it breaks the support level at $8.688, beware of a deeper correction. Traders should closely monitor key market signals before making any investment decisions.
Trading strategies
Buy strategy (long position):
- Wait for a break of resistance at $15.414 before entering a long position to confirm the uptrend. The main target is wave (III) which has the potential to generate high returns.
Risk management:
- If the price breaks the support level of $8.688, it indicates that the correction is not over yet and the price is likely to continue to fall.
NEO/USD Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Zigzag.
Position: Wave ((C)).
Direction next higher degrees: Wave Y.
Wave cancel invalid level:
NEO/ U.S. dollar (NEO/USD) trading strategy: It is in a corrective wave structure nearing its end. If it can break through the bullish level at $15.414, it will confirm that a new uptrend has started. However, if it breaks the support level at $8.688, beware of a deeper correction. Traders should closely monitor key market signals before making any investment decisions.
Trading strategies
Buy strategy (long position):
- Wait for a break of resistance at $15.414 before entering a long position to confirm the uptrend. The main target is wave (III) which has the potential to generate high returns.
Risk management:
- If the price breaks the support level of $8.688, it indicates that the correction is not over yet and the price is likely to continue to fall.
NEO Elliott Wave technical analysis [Video]
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