Elliott Wave Technical Analysis: Neo/US Dollar, Tuesday, Dec. 6

Elliott Wave Analysis TradingLounge Daily Chart, December 6

NEO / U.S. Dollar (NEO-X)

NEOUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave 3

Direction Next higher Degrees: Wave III of Motive

Details: Rise of wave 3 usually has a length of 1.618 x wave1

Wave Cancel invalid Level: 6.01

NEO / U.S. Dollar (NEOUSD) Trading Strategy: NEO Coin is likely to end its downtrend as wave 5 of the Diagonal Triangle, ending at the 6.01 level, is likely to turn bullish again. But even so, one has to watch carefully as the price is still below the MA200 and MA50 lines, which may cause the price to continue to be pressured by selling pressure. The overall trend is likely to reversal to an upward trend, but trading during this period may be cautious.

NEO / U.S. Dollar (NEOUSD) Technical Indicators: The price is below the MA200 MA50,indicating a clear downtrend. The Wave oscillator is below the Zero-Line is a bearish momentum

TradingLounge Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart, December 6, 2022

NEO / U.S. Dollar (NEOUSD)

NEOUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure:Impulse

Position:Wave (3)

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

Details: The increment of wave 3 is usually 1.618 x the length of wave 1.

Wave Cancel invalid Level: 6.01

NEO / U.S.Dollar (NEOUSD) Trading Strategy: NEO Coin is likely to end its downtrend aswave 5 of the Diagonal Triangle, ending at the 6.01 level, is likely to turn bullish again. Buteven so, one has to watch carefully as the price is still below the MA200 lines, which maycause the price to continue to be pressured by selling pressure. The overall trend is likely toreverse to an upward trend, but trading during this period may be cautious.

NEO / U.S.Dollar (NEOUSD) Technical Indicators: The wave oscillator Above Zero-Linemomentum is bullish.