Elliott Wave Technical Analysis: Neo, Nov. 2

Elliott Wave Analyst - tradinglounge • Nov 2, 2022 at 3:59 AM EDT

For NEO the previous downtrend had an opportunity to end as wave C ended, and the price rose above the MA50 line with an impulse pattern in wave 1 and reversing in wave 2 as an opportunity to join another uptrend in time.

NEO (NEOUSD)

NEOUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave (2)

Direction Next higher Degrees: Wave ((1)) of Motive

Details: The decrease of the sub-second wave in wave ((1)) is usually .618 x the length of the first wave.

Wave Cancel invalid Level: 7.31

NEO (NEOUSD) Trading Strategy: The previous downtrend had an opportunity to end as wave C ended, and the price rose above the MA50 line with an impulse pattern in wave 1 and reversing in wave 2 as an opportunity to join another uptrend in time.

NEO (NEOUSD) Technical Indicators: MACD and MACD Histogram has a bullish divergence. The price has a chance to turn into an Uptrend.

Tradinglounge analyst : Kittiampon Somboonsod

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NEO (NEOUSD)

NEOUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave (2)

Direction Next higher Degrees: Wave ((1)) of Motive

Details: The decrease of the sub-second wave in wave ((1)) is usually .618 x the length of the first wave.

Wave Cancel invalid Level: 7.31

NEO (NEOUSD)) Trading Strategy: A short retracement in wave 2 is usually .618 x the length of wave 1. Upon completion, the price will rise again in an uptrend as an opportunity to open a long position, but the price must not reverse below 7.31.

NEO (NEOUSD) Technical Indicators: MACD bearish divergence a short-term the price trend. Throwback.

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