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:
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Around $5.75.
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A break above this level may confirm the beginning of wave 3.
Key support – Invalidation level:
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Below $4.36.
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A drop under this level invalidates the current wave structure.
Wave 3 targets:
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Potential upside targets include $7.50 and $8.77 (
aligned with the prior wave IV peak).
Trading strategy:
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For swing traders:
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If price stabilizes within the support zone and remains above $5.00, consider entering in anticipation of wave 3.
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Risk management:
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A break below $4.36 suggests a failed structure and will require a reassessment of the entire wave count.
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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]
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