Elliott Wave Technical Analysis: NEO / U.S. Dollar

By Peter Mathers of Trading Lounge

Elliott Wave Analyst - tradinglounge • Feb 2, 2023 at 6:15 AM EST

NEO has recovered well from the 5.96 level, but even so, the price is still below the MA200, which may still be under pressure from selling pressure.

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Elliott Wave Analysis TradingLounge Daily Chart, 2 February 23,

NEO / U.S. Dollar(NEOUSD)

NEOUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Diagonal

Position: Wave 5

Direction Next higher Degrees: Sub-wave of Wave C

Wave Cancel invalid Level: 5.96

NEO / U.S.Dollar (NEOUSD) Trading Strategy: NEO has recovered well from the 5.96 level, but even so, the price is still below the MA200, which may still be under pressure from selling pressure. And there is a reversal chance in wave 2 and wait for an opportunity to join the trend again once wave 2 completes.

NEO / U.S.Dollar (NEOUSD) Technical Indicators: The price is below the MA200 indicating a downtrend. The wave oscillators above Zero-Line momentum are bullish.

Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart, 2 February 23,

NEO / U.S.Dollar(NEOUSD)

NEOUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Diagonal

Position: Wave 5

Direction Next higher Degrees: Wave (1) of Motive

Wave Cancel invalid Level: 5.96

NEO / U.S.Dollar (NEOUSD) Trading Strategy: Neo Coin is in an Impulse Wave structure, in an uptrend wave 5 is likely to end. Price is reversing in wave (2) larger degrees. Wait for wave (2) complete to rejoin the trend.

NEO / U.S.Dollar (NEOUSD) Technical Indicators: The price is above the MA200, indicating an uptrend.

The wave oscillators above Zero-Line Bullish momentum.

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