NEOUSD Elliott Wave Analysis - TradingLounge Day Chart

NEO/USD (NEOUSD) Day Chart Analysis

NEOUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave ((C))

Next Higher Degree Direction: Wave Y

Wave Cancelation Invalid Level: Not specified

NEO/USD (NEOUSD) Trading Strategy

NEOUSD is in a corrective wave structure that is approaching its conclusion. A breakout above the bullish resistance at $15.414 would indicate the beginning of a new uptrend. However, a decline below the key support at $8.688 could signal a more profound correction. Traders should closely observe price action and market signals before entering trades.

NEOUSD Trading Strategies

Buy Strategy (Long Position):

• Wait for a break above $15.414 to confirm an uptrend before entering a long position.
• The primary target is Wave (III), which has the potential for significant upside gains.

Risk Management:

• A drop below $8.688 would indicate that the correction is still ongoing, increasing the likelihood of further downside movements.

• Traders should use stop-loss orders and position sizing to manage risks effectively.

TradingLounge - NEO/USD (NEOUSD) 4-Hour Chart Analysis

NEOUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave ((C))

Next Higher Degree Direction: Wave Y

Wave Cancelation Invalid Level: Not specified

NEO/USD (NEOUSD) Trading Strategy

Similar to the day chart analysis, NEOUSD remains in a corrective wave structure that is nearing completion. A break above $15.414 could confirm a new uptrend, while a break below $8.688 would indicate a deeper corrective phase. It is crucial for traders to assess price movement carefully before making any trading decisions.

NEO/USD Trading Strategies

Buy Strategy (Long Position):

• Enter a long position only after confirmation of an upward breakout above $15.414.
• The target remains Wave (III), which presents strong potential for upward movement.

Risk Management:

• If the price drops below $8.688, the corrective wave will likely extend further.

• Implement a stop-loss strategy to protect against unexpected downturns.

Technical Analyst: Kittiampon Somboonsod

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