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Elliott Wave Analysis TradingLounge Daily Chart, 18 July 2023.

NEO/U.S. Dollar(NEOUSD)

NEOUSD Elliott Wave Technical Analysis

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Direction Next higher Degrees: Wave II of Motive

Details: Wave II may have ended at the level of 6.97. Five waves of rise will support this idea.

Wave Cancel invalid Level: 6.97

NEO/U.S. Dollar(NEOUSD) Trading Strategy: NEO recovered well from the 6.97 level and was able to form a strong five-wave structure, allowing NEO to form a new uptrend. But even so, the price is still below the MA200 line, giving the price a chance to face selling pressure. So watch out for resistance at the MA200 line.

NEO/U.S. Dollar(NEOUSD) Technical Indicators: The price is below the MA200 indicating a downtrend. Wave oscillators are bullish momentum.

Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, 18 July 2023.  

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 ((2)) of Motive

Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))

Wave Cancel invalid Level: 6.97

NEO/U.S. Dollar (NEOUSD) Trading Strategy: NEO recovered well from the 6.97 level and was able to form a strong five-wave structure, allowing NEO to form a new uptrend. The price is currently in a phase of correction in wave 2. Wait for wave 2 to complete to join the trend again.

NEO/U.S. Dollar(NEOUSD) Technical Indicators: The price is above the MA200 indicating an uptrend. Wave oscillators are bullish momentum.

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