NEO Elliott Wave technical analysis [Video]

NEO/USD Elliott Wave technical analysis

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave ((C)).

• Next higher degree direction: Wave Y.

• Wave cancellation invalid level: N/A.

• Details: The ongoing correction follows a WXY pattern, concluding at approximately $6.938 USD.

NEO/USD trading strategy

Following a strong rally that pushed NEO's price to $26.12 at the end of last year, the price has undergone a sharp correction according to the WXY corrective structure, recently reaching a low of $6.93, a critical support zone. NEOUSD is currently in wave (II) of the broader uptrend. The corrective move follows a WXY Double Zigzag pattern, a complex structure indicating the downtrend is nearing completion.

A key support level at $7.56 is crucial. If the price stays above this threshold, a potential bullish reversal may occur.

Trading strategies

• Strategy:

  • Long strategy

    • For short-term traders (Swing trade):

      • Look for price stability above $7.56 and potential bullish reversal signals such as a Bullish Divergence or a breakout above the $9.30 resistance level.

  • Risk management:

    • If the price falls below $6.93, it may indicate the correction is not yet over and further downside movement remains possible.

NEO/USD Elliott Wave technical analysis

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave ((C)).

• Next higher degree direction: Wave Y.

• Wave cancellation invalid level: N/A.

• Details: The correction follows a WXY structure, completing near $6.938 USD.

NEO/USD trading strategy

After a substantial surge to $26.12 at the end of last year, NEOUSD has sharply corrected within a WXY pattern, recently bottoming at $6.93, a major support zone. Currently, NEOUSD is within wave (II) of the primary uptrend. The correction follows a WXY Double Zigzag structure, a complex downtrend pattern nearing its final phase.

A critical support level is at $7.56. If the price holds this level, a potential bullish reversal may emerge.

Trading strategies

• Strategy:

  • Long strategy

    • For short-term traders (Swing trade):

      • Look for price stability above $7.56 and signs of reversal, such as a Bullish Divergence or a breakout above $9.30 resistance.

  • Risk management:

    • If the price drops below $6.93, it may suggest the correction is still ongoing, with further downside risk.

TradingLounge analyst: Kittiampon somboonsod, CEWA.

NEO/USD Elliott Wave technical analysis [Video]