This is a 5 wave retracement of wave (C), in which we are in the final stages of wave ((2)), which is likely to test the 8.22 level, so the overall picture is a short term retracement before another rise.

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

NEO/ U.S. dollar(NEOUSD).

NEOUSD Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Flat.

Position: Wave (2).

Direction next higher degrees: Wave ((2)) of Impulse.

Wave cancel invalid level:

Details: Wave (2) is likely to test the Level 8.22

NEO/ U.S. dollar(NEOUSD)Trading Strategy:

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

Technical analyst: Kittiampon Somboonsod.

NEOUSD Elliott Wave technical analysis [Video]

Author

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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