NEO /U.S.dollar(NEOUSD) Elliott Wave Technical Analysis 24 May 23

Elliott Wave Analysis TradingLounge Daily Chart, 24 May 23,  

NEO /U.S.dollar(NEOUSD)

NEOUSD Elliott Wave Technical Analysis

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Direction Next higher Degrees: Wave II of Motive

Details: Wave reversal II has a probability of .786 x length Wave I

Wave Cancel invalid Level: 5.96

NEO /U.S.dollar(NEOUSD) Trading Strategy: It is possible that wave ((2)) may end at the level of 8.69. A five-wave rise and a breakout of the 28338.31 level will support this idea. But even so, the price is still in a downtrend as it holds below the MA200, trading is still cautious.

NEO /U.S.dollar(NEOUSD)Technical Indicators: The price is below the MA200 indicating a downtrend MACD and RSI are Bullish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Source : Tradinglounge.com get trial here!

Elliott Wave Analysis TradingLounge 4H Chart, 24 May 23,  

NEO /U.S.dollar(NEOUSD) 

NEOUSD Elliott Wave Technical Analysis

Function: Reactionary(Counter Trend)

Mode: Follow Trend

Structure: Motive

Position: Wave 4

Direction Next higher Degrees: Wave (1) of Motive

Details: Correction in wave 4, when finished, price will rise again in wave 5.

Wave Cancel invalid Level: 9.56

NEO /U.S.dollar(NEOUSD) Trading Strategy: Correction in wave 4, when finished, the price will rise again in wave 5. But the price must not enter the territory of wave 1. Overall, it is still the first phase of an uptrend. which may be corrected again.

NEO /U.S.dollar(NEOUSD) Technical Indicators: The price is above the MA200 indicating an uptrend MACD and RSI are bullish momentum.