Neo is still in an uptrend. In the structure of the increase in Wave 3, we expect it to test the 161.8% level of Wave 1 at 24.52. Therefore, overall, NEO is still in an uptrend and is likely to continue rising.

Neo/ U.S. dollar(NEOUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillator is a bullish Momentum.

NEO/USD daily chart

NEO/USD Elliott Wave technical analysis

Function: Follow Trend.

Mode: Motive.

Structure: Impulse.

Position: Wave (3).

Direction next higher degrees: Wave ((3)) of Impulse.

Wave cancel invalid level: 9.85.

Details: Wave (3) is Equal to 161.8% of Wave (1) at 24.52.

NEO/USD trading strategy

Neo is still in an uptrend. In the structure of the surge in Wave 3, we expect it to test the 161.8% level of Wave 1, but even so, Wave 1, sub-Wave 3, is already complete. The price is entering a period of correction before rising again.

Neo/ U.S. dollar(NEOUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillator is a bullish Momentum.

NEO/USD four hour chart

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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NEO/USD Elliott Wave technical analysis