Image Source: Pixabay

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:
It looks like the wave (II) correction is complete and the price is still likely to move up. Look for an opportunity to join the wave (III) uptrend.

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 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:
It looks like the wave 2 correction is complete and the price is still likely to move up. Look for an opportunity to join the wave 3 uptrend.

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:

Hindalco Industries – Hindalco Stocks Elliott Wave Technical Analysis
NIKKEI 225 Index Elliott Wave Technical Analysis - Tuesday, September 17
GBPAUD Forex Elliott Wave Technical Analysis - Tuesday, September 17