Image Source: Pexels

Elliott Wave Analysis TradingLounge Daily Chart

NEO/ U.S. dollar(NEOUSD)

NEOUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave (2)

Direction Next higher Degrees: Wave ((2)) of Impulse

Wave Cancel invalid Level: 

Details: Wave (2) is likely to test the Level 8.22

NEO/ U.S. dollar(NEOUSD)Trading Strategy: 
This is a 5 wave retracement of wave (C), in which we are in the final stages of wave ((2)), which is likely to test the 8.22 level, so the overall picture is a short term retracement before another rise.

NEO/ U.S. dollar(NEOUSD)Technical Indicators:
The price is below the MA200 indicating a Downtrend. The Wave Oscillator is a Bearish Momentum.

Elliott Wave Analysis TradingLounge 4hr Chart

NEO/ U.S. dollar(NEOUSD)

NEOUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave (2)

Direction Next higher Degrees: Wave ((2)) of Impulse

Wave Cancel invalid Level: 

Details: Wave (2) is likely to test the Level 8.22

NEO/ U.S. dollar(NEOUSD)Trading Strategy:
This is a 5-wave retracement of wave (C), in which we are in the final stages of wave ((2)), which is likely to test the 8.22 level, so the overall picture is a short-term retracement before another rise.

NEO/ U.S. dollar(NEOUSD)Technical Indicators:
The price is below the MA200 indicating a Downtrend. The Wave Oscillator is a Bearish Momentum.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

More By This Author:

Bharat Electronics Elliott Wave Technical Analysis
GX Uranium ETF Elliott Wave Technical Analysis
NextEra Energy Inc Stocks Elliott Wave Technical Analysis - Thursday, October 3