16May
NEOUSD Elliott Wave Technical Analysis May 16 2023
![Crypto_Splash-NEO](/Portals/0/xBlog/uploads/2023/1/12/Crypto_Splash-NEO.jpg)
NEOUSD Elliott Wave Technical Analysis May 16 2023
4Hour
NEO/U.S.dollar(NEOUSD)
NEOUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Direction Next higher Degrees: Wave II of Motive
Details: Wave((2)) reversal may have ended at the level of 8.69, a five-wave rise. And breaking the 9.78 level would support this idea.
Wave Cancel invalid Level: 5.96
NEO/U.S.dollar(NEOUSD)Trading Strategy: we assume that Wave((2)) reversal may have ended at the level of 8.69, a five-wave rise. And breaking the 9.78 level would support this idea. But even so, you will have to wait for the price to cross the MA200 line first.
NEO/U.S.dollar(NEOUSD)Technical Indicators: The price is below the MA200 indicating a downtrend MACD and RSI are Bearish momentum
![](https://tradinglounge.com/Portals/3/Images/SitePics/Charts/2023-05May/MonFri05152023Charts/Tue0516023Charts/Kittiampon05162023Mon/Kittiamponblog05162023/neousd4hr05-16.jpg)
Daily
NEO/U.S.dollar(NEOUSD)
NEOUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Direction Next higher Degrees: Wave II of Motive
Details: Wave reversal II has a probability of .786 x length Wave I
Wave Cancel invalid Level: 5.96
NEO/U.S.dollar(NEOUSD)Trading Strategy: There is still a risk of a correction of wave (2), which corresponds to prices below the MA200 line indicating a downtrend. before rising again Wait for the correction to complete.
NEO/U.S.dollar(NEOUSD)Technical Indicators: The price is below the MA200 indicating a downtrend MACD and RSI are Bearish momentum
![](https://tradinglounge.com/Portals/3/Images/SitePics/Charts/2023-05May/MonFri05152023Charts/Tue0516023Charts/Kittiampon05162023Mon/Kittiamponblog05162023/neousddaily05-16.jpg)
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