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Elliott Wave Analysis TradingLounge Daily Chart, 16 August 2023.  

NEO/U.S. Dollar(NEOUSD)

NEOUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave C

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: Still in the correction of wave (2), the blue has and the price is still below the MA200 line, so still need to wait for the rise above 8.62 to confirm the end of wave 2.

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

Analyst: Kittiampon Somboonsod, CEWA

​​​​Elliott Wave Analysis TradingLounge 4H Chart, 16 August 2023.

NEO/U.S. Dollar(NEOUSD)

NEOUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave C

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: Still in the correction of wave (2), the blue has and the price is still below the MA200 line, so still need to wait for the rise above 8.62 to confirm the end of wave 2.

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

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