NEOUSD Elliott Wave Analysis – TradingLounge Daily Chart
NEO/USD (NEOUSD) Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave ((C))
Next Higher Degree Direction: Wave Y
Wave Cancellation Invalid Level: N/A
Details: The ongoing correction follows a WXY pattern, reaching a completion zone around $6.938 USD.
NEO/USD Trading Strategy
NEO/USD experienced a strong rally to $26.12 at the end of last year before undergoing a sharp correction, forming a WXY Double Zigzag pattern. The price recently hit a low of $6.93, aligning with a critical support zone. Currently, NEOUSD is in wave (II) within the broader uptrend, suggesting a possible reversal soon.
A key support level at $7.56 is crucial for confirming a trend shift. If NEO maintains this level, a bullish reversal could emerge.
NEOUSD Trading Strategies
Long Strategy
✅ For Short-Term Traders (Swing Trade):
- Monitor price action above $7.56 for stability.
- Look for Bullish Divergence signals or a breakout above $9.30 resistance for confirmation.
Risk Management: If the price falls below $6.93, it signals that the correction is not yet over, increasing the possibility of further downside movement.
NEOUSD Elliott Wave Analysis – TradingLounge H4 Chart
NEO/USD (NEOUSD) Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave ((C))
Next Higher Degree Direction: Wave Y
Wave Cancellation Invalid Level: N/A
Details: The price correction follows a WXY structure, completing around $6.938 USD.
NEO/USD Trading Strategy
After a significant rally to $26.12, NEO/USD has undergone a sharp correction, recently bottoming at $6.93—a crucial support zone. The corrective move, forming a WXY Double Zigzag, indicates that the downtrend may be nearing completion.
A key support level at $7.56 is pivotal for determining the next move. If NEO/USD holds above this level, a potential bullish reversal may be underway.
NEOUSD Trading Strategies
Long Strategy
✅ For Short-Term Traders (Swing Trade):
- Observe price stability above $7.56 for potential reversal signs.
- Watch for Bullish Divergence signals or a breakout above $9.30 resistance for confirmation.
Risk Management:
A drop below $6.93 may indicate further correction and downside risk.
Technical Analyst: Kittiampon Somboonsod
Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here
Previous: BTCUSD Elliott Wave Technical Analysis
VALUE Offer - Buy 1 Month & Get 3 Months!Click here
Access 7 Analysts Over 200 Markets Covered. Chat Room With Support
