24Feb

NEOUSD Elliott Wave Technical Analysis: Price Prediction, Trading Strategy, Support & Resistance Levels for NEO/USD Market Trends

NEOUSD Elliott Wave Analysis – TradingLounge Daily Chart)

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

NEO/USD Elliott Wave Technical Analysis

  • Function: Counter Trend
  • Mode: Corrective
  • Structure: Zigzag
  • Position: Wave ((C))
  • Next Higher Degree Direction: Wave Y
  • Wave Cancel Invalid Level: Not applicable
  • Analysis Details: The correction follows a WXY pattern, concluding around 8.688 USD, signaling a potential turning point.

NEO/USD Trading Strategy – Daily Chart

NEO/USD is currently undergoing a corrective Wave II phase, following the completion of Impulse Wave I, which peaked at 26.126 USD. The corrective movement is forming a W-X-Y (Double Zigzag) structure, indicating a complex corrective wave pattern.

Trading Strategy

Long Entry Strategy:

  • Monitor for a reversal signal near 9.977 USD before considering a buy position.

Risk Management:

  • Set a Stop Loss at 8.730 USD to mitigate downside risk.

NEOUSD-1D-Crypto-Cha...


NEOUSD Elliott Wave Analysis – TradingLounge H4 Chart

NEO/USD Elliott Wave Technical Analysis (H4 Chart)

  • Function: Counter Trend
  • Mode: Corrective
  • Structure: Zigzag
  • Position: Wave ((C))
  • Next Higher Degree Direction: Wave Y
  • Wave Cancel Invalid Level: Not applicable
  • Analysis Details: The corrective phase maintains a WXY pattern, bottoming around 8.688 USD, reinforcing the possibility of a trend shift.

NEO/USD Trading Strategy – H4 Chart

Similar to the Daily Chart analysis, NEO/USD remains in Wave II correction, having completed Impulse Wave I at 26.126 USD. The market is forming a W-X-Y (Double Zigzag) pattern, confirming an extended corrective structure.

Trading Strategy

Long Entry Strategy:

  • Look for a bullish reversal signal near 9.977 USD to initiate a buy trade.

Risk Management:

  • Maintain Stop Loss at 8.730 USD to protect against further declines.

Technical Analyst: Kittiampon Somboonsod

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Conclusion & Key Insights

  • NEO/USD is currently in a corrective phase, with a WXY formation signaling potential trend continuation.

  • Key Buy Zone: 9.977 USD (confirmation required).
  • Stop Loss Recommendation: 8.730 USD (risk management).
  • Potential Upside: If reversal signals confirm, the next leg could lead to Wave Y expansion.

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