NEO/U.S.dollar(NEOUSD) Elliott Wave Technical Analysis 28 June 23

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Elliott Wave Analysis TradingLounge Daily Chart, 28 June 23,  

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: 5.91

NEO/U.S.dollar(NEOUSD)Trading Strategy: NEO Coin has had a good rebound from the 6.97 level which is enough to reverse wave II, but even then there is a chance of selling pressure. As the price is below the MA200 line, it may cause the price to correct again. If the correction does not descend below 6.97 from this point, it could be the start of a new uptrend.

NEO/U.S.dollar(NEOUSD)Technical Indicators: The price is below the MA200 indicating a Downtrend, Wave Oscillator has a Bearish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

 

 

Elliott Wave Analysis TradingLounge 4H Chart, 27 June 23,  

NEO/U.S.dollar(NEOUSD)

NEOUSD Elliott Wave Technical Analysis

Function: Reactionary(Counter Trend)

Mode: Follow Trend

Structure: Motive

Position: Wave 4

Direction Next higher Degrees: Wave (1) of Motive

Details: Retracement of wave ((4)) usually .382 x Length wave ((3))

Wave Cancel invalid Level: 6.95

NEO/U.S.dollar(NEOUSD)Trading Strategy: NEO Coin had a good rebound from the 6.97 level which was enough to reverse wave II, and also managed to break through the MA200, which is a good sign of recovery. But even so, the price still has a chance to correct again. In wave (2), if the correction does not come below 6.97 from this point, it may be the beginning of a new uptrend.

NEO/U.S.dollar(NEOUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillator has a Bullish momentum.