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NEO/ U.S. Dollar (NEOUSD) Daily Chart

NEOUSD Elliott Wave Technical Analysis

• Function: Counter-Trend
• Mode: Corrective
• Structure: Zigzag
• Position: Wave ((C))
• Direction (Next Higher Degree): Wave Y
• Wave Invalidation Level: —
• Details: The correction follows a WXY pattern, which concluded around 8.688 USD.

NEO/ U.S. Dollar (NEOUSD) Trading Strategy:

The correction pattern, a WXY structure, reached its completion near 8.688 USD.

• Major Resistance: 15.414 USD (Bullish Level) → A confirmed breakout at this level indicates the start of an uptrend.

Trading Strategies

Strategy:

Long Strategy:

• Aggressive Entry: Buy within the 9.988 - 8.688 USD range if a reversal signal appears.
• Breakout Entry: Enter a buy position if the price breaks through 15.414 USD with strong volume.

Risk Management:

• Invalidation Point: Exit the position if the price falls below 8.688 USD.

NEO/ U.S. Dollar (NEOUSD) H4 Chart

NEOUSD Elliott Wave Technical Analysis

• Function: Counter-Trend
• Mode: Corrective
• Structure: Zigzag
• Position: Wave ((C))
• Direction (Next Higher Degree): Wave Y
• Wave Invalidation Level: —
• Details: Currently in a Wave (2) correction, with Fib 0.618 support at 9.988 USD.

NEO/ U.S. Dollar (NEOUSD) Trading Strategy:

The correction follows a WXY pattern, which has concluded around 8.688 USD.

• Major Resistance: 15.414 USD (Bullish Level) → A confirmed breakout at this level signals an uptrend continuation.

Trading Strategies

Strategy:

Long Strategy:

• Aggressive Entry: Buy within 9.988 - 8.688 USD if a reversal signal emerges.
• Breakout Entry: Enter a buy position once the price surpasses 15.414 USD with strong volume.

Risk Management:

• Invalidation Point: Exit the trade if the price drops below 8.688 USD.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Source: Tradinglounge.com

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