Elliott Wave Technical Analysis: NEO/U.S. Dollar - Tuesday, July 18
Image Source: Freepik
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.
More By This Author:
Global Stock Markets - Elliott Wave Analysis
Elliott Wave Technical Analysis: DraftKings Inc.
Elliott Wave Technical Analysis: British Pound/ Australian Dollar
Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817
Comments
![](/images/tinyMceCommentImg.png)