Image Source: PexelsElliott Wave Analysis TradingLounge Daily Chart, 10 January 24,NEO / U.S. dollar (NEOUSD)NEOUSD Elliott Wave Technical AnalysisFunction: Counter TrendMode: CorrectiveStructure: FlatPosition: Wave CDirection Next higher Degrees: Wave (2) of ImpulseWave Cancel invalid Level: 6.49Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))NEO / U.S. dollar(NEOUSD)Trading Strategy: NEO’s rise appears to end at the level of 15.46, which is 5 Impulse Waves in Wave 1. Therefore, the next price structure is a Wave 2 correction pattern with a retracement level of 61.8 % Wave 1. So wait for Wave 2 to complete. end before there is a chance to return to the uptrend again.NEO / U.S. dollar(NEOUSD)Technical Indicators: The price is Above the MA200 indicating an uptrend, Wave Oscillators a bearish Momentum.TradingLounge Analyst: Kittiampon Somboonsod, CEWASource : Tradinglounge.comElliott Wave Analysis TradingLounge 4H Chart, 10 January 24,NEO / U.S. dollar (NEOUSD)NEOUSD Elliott Wave Technical AnalysisFunction: Counter TrendMode: CorrectiveStructure: Double CorrectivePosition: Wave (Y)Direction Next higher Degrees: Wave ((2)) of ImpulseWave Cancel invalid Level: 138.262Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))NEO / U.S. dollar (NEOUSD)Trading Strategy: NEO’s rise appears to end at the level of 15.46, which is 5 Impulse Waves in Wave 1. Therefore, the next price structure is a Wave 2 correction pattern with a retracement level of 61.8 % Wave 1. So wait for Wave 2 to complete. end before there is a chance to return to the uptrend again.NEO / U.S. dollar(NEOUSD)Technical Indicators: The price is below the MA200 indicating a dowtrend, and Wave Oscillators a bearish Momentum.
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