NEO/USD (NEOUSD) Elliott Wave Analysis - TradingLounge Daily Chart
NEOUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave ((C))
Direction (Next Higher Degrees): Wave (2) of Impulse
Wave Cancel Invalid Level: Not specified
Details:
The corrective phase of Wave (2) is expected to test the 12.366 level, marking the end of the current trend.
NEO/USD Trading Strategy
The current corrective phase of Wave (2) is forming a Zigzag pattern. The market is in the final stage of the decline within Wave C, signaling a potential buying opportunity upon completion of the Zigzag structure. Traders should wait for the end of Wave C before re-entering the uptrend.
NEO/USD Technical Indicators
- The price is above the MA200, confirming an overall uptrend.
- The Wave Oscillator shows bullish momentum, indicating potential for upward movement.
NEO/USD (NEOUSD) Elliott Wave Analysis - TradingLounge 4-Hour Chart
NEOUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave ((C))
Direction (Next Higher Degrees): Wave (2) of Impulse
Wave Cancel Invalid Level: Not specified
Details:
The corrective phase of Wave (2) is targeting the 12.366 level, aligning with the end of the current wave cycle.
NEO/USD Trading Strategy
Wave (2) corrective Zigzag is nearing its final stage. The decline in Wave C is anticipated to complete soon, providing a strategic entry point for traders to capitalize on the upcoming uptrend. Wait for confirmation of Wave C completion before initiating long positions.
NEO/USD Technical Indicators
- The price is below the MA200, signaling a short-term downtrend.
- The Wave Oscillator indicates bearish momentum, reflecting continued pressure on prices.
Technical Analyst: Kittiampon Somboonsod
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