NEOUSD Elliott Wave Analysis | TradingLounge Daily Chart

NEO/ U.S. Dollar (NEOUSD) Daily Chart Analysis

NEOUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave (2)

Direction (Next Higher Degree): Wave ((2)) of Impulse

Wave Cancel Invalid Level: N/A

Details: Wave (2) is expected to test the 8.22 level.

NEO/ U.S. Dollar (NEOUSD) Trading Strategy

This analysis indicates a 5-wave retracement within wave (C). We are currently in the final stages of wave ((2)), which is likely to test the 8.22 level. This suggests a short-term retracement before the potential for another rise.

NEO/ U.S. Dollar (NEOUSD) Technical Indicators

• The price is trading below the MA200, which confirms a downtrend.

• The Wave Oscillator shows bearish momentum, supporting the downside outlook.

NEOUSD Elliott Wave Analysis | TradingLounge 4-Hour Chart

NEO/ U.S. Dollar (NEOUSD) 4-Hour Chart Analysis

NEOUSD Elliott Wave Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave (2)

Direction (Next Higher Degree): Wave ((2)) of Impulse

Wave Cancel Invalid Level: N/A

Details: Wave (2) is expected to test the 8.22 level.

NEO/ U.S. Dollar (NEOUSD) Trading Strategy

We observe a 5-wave retracement in wave (C). Wave ((2)) is approaching its final stages, likely to test the 8.22 level. This suggests a short-term pullback before the next potential upward move.

NEO/ U.S. Dollar (NEOUSD) Technical Indicators

• The price remains below the MA200, indicating a downtrend.

• The Wave Oscillator continues to show bearish momentum, confirming the corrective phase.

Technical Analyst:  Kittiampon Somboonsod

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: DOT/USD (DOTUSD) Elliott Wave Technical Analysis

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