NEO/USD Elliott Wave technical analysis [Video]

NEO/USD Elliott Wave technical analysis

• Function: Counter-Trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave ((C)).

• Direction (next higher degree): Wave Y.

• Wave invalidation level:

• Details: The correction follows a WXY pattern, which concluded around 8.688 USD.

NEO/USD trading strategy

The correction pattern, a WXY structure, reached its completion near 8.688 USD.

• Major Resistance: 15.414 USD (Bullish Level) → A confirmed breakout at this level indicates the start of an uptrend.

Trading strategies

Long strategy:

• Aggressive Entry: Buy within the 9.988 - 8.688 USD range if a reversal signal appears.

• Breakout Entry: Enter a buy position if the price breaks through 15.414 USD with strong volume.

Risk management:

• Invalidation Point: Exit the position if the price falls below 8.688 USD.

NEO/USD daily chart

NEO/USD Elliott Wave technical analysis

• Function: Counter-Trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave ((C)).

• Direction (next higher degree): Wave Y.

• Wave invalidation level: 

• Details: Currently in a Wave (2) correction, with Fib 0.618 support at 9.988 USD.

NEO/USD trading strategy

The correction follows a WXY pattern, which has concluded around 8.688 USD.

• Major Resistance: 15.414 USD (Bullish Level) → A confirmed breakout at this level signals an uptrend continuation.

Trading strategies

Long strategy:

• Aggressive Entry: Buy within 9.988 - 8.688 USD if a reversal signal emerges.

• Breakout Entry: Enter a buy position once the price surpasses 15.414 USD with strong volume.

Risk management:

• Invalidation Point: Exit the trade if the price drops below 8.688 USD.

NEO/USD four-hour chart

NEO/USD Elliott Wave technical analysis [Video]