NEO/ U.S. Dollar (NEOUSD) Elliott Wave Analysis – Daily Chart
NEOUSD Elliott Wave Technical Analysis
Function: Counter-Trend
Mode: Corrective
Structure: Zigzag
Position: Wave ((C))
Next Higher Degree Direction: Wave Y
Wave Invalidation Level: N/A
Analysis: The correction is following a WXY pattern, which has completed near 8.688 USD.
NEO/ U.S. Dollar (NEOUSD) Trading Strategy
The ongoing correction follows a WXY structure, with the pattern completing at 8.688 USD.
Key Resistance Level:
- 15.414 USD (Bullish Breakout Level) → A breakout above this level signals the start of an uptrend.
Trading Strategies
Long Strategy:
- Aggressive Entry: Consider buying in the 9.988 - 8.688 USD range, provided a reversal signal confirms a potential uptrend.
- Breakout Entry: Enter a long position if the price breaks above 15.414 USD with strong buying volume.
Risk Management:
- Invalidation Point: Exit the position if the price falls below 8.688 USD, invalidating the bullish setup.
NEO/ U.S. Dollar (NEOUSD) Elliott Wave Analysis – H4 Chart
NEOUSD Elliott Wave Technical Analysis
Function: Counter-Trend
Mode: Corrective
Structure: Zigzag
Position: Wave ((C))
Next Higher Degree Direction: Wave Y
Wave Invalidation Level: N/A
Analysis: The correction is currently in Wave (2), with a Fib 0.618 support level at 9.988 USD.
NEO/ U.S. Dollar (NEOUSD) Trading Strategy
The WXY correction has completed near 8.688 USD, indicating a potential reversal.
Key Resistance Level:
- 15.414 USD (Bullish Breakout Level) → A breakout above this level signals uptrend continuation.
Trading Strategies
Long Strategy:
- Aggressive Entry: Buy within the 9.988 - 8.688 USD range if bullish reversal signals appear.
- Breakout Entry: Go long when the price crosses 15.414 USD with strong volume, confirming an uptrend.
Risk Management:
- Invalidation Point: Exit the trade if the price drops below 8.688 USD, signaling further downside risk.
Technical Analyst: Kittiampon Somboonsod
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