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
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
