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: Double Corrective

Position: Wave Y

Direction Next higher Degrees: Wave (II) of Impulse

Wave Cancel invalid Level: 9.85

Details: Wave (II) is likely to have ended and prices are resuming the uptrend.

NEO / U.S. dollar(NEOUSD)Trading Strategy:
Overall, NEOUSD Wave (II) is likely to end at the 8.49 level and prices are resuming the uptrend. So look for opportunities to join the uptrend from short-term pullbacks.

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

Elliott Wave Analysis TradingLounge H4 Chart

NEO / U.S. dollar(NEOUSD)

NEOUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave Y

Direction Next higher Degrees: Wave (II) of Impulse

Wave Cancel invalid Level: 9.85

Details: Wave (II) is likely to have ended and prices are resuming the uptrend.

NEO / U.S. dollar(NEOUSD)Trading Strategy:
Overall, NEOUSD Wave (II) is likely to end at the 8.49 level and prices are resuming the uptrend. So look for opportunities to join the uptrend from short-term pullbacks.

NEO / U.S. dollar(NEOUSD)Technical Indicators:
The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bullish Momentum.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

More By This Author:

Elliott Wave Technical Analysis: Copper - Wednesday, July 17
Elliott Wave Technical Analysis: Palo Alto Networks Inc.
Unlocking ASX Trading Success: V300AEQ ETF Units - Wednesday, July 17