NEO/U.S.dollar(NEOUSD) Elliott Wave Technical Analysis 14 July 23

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Elliott Wave Analysis TradingLounge Daily Chart, 14 July 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: 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, giving NEO the opportunity to form a new uptrend. Still, the price remains in the correction of wave (2), so wait for the reversal of wave (2) to complete to join the trend again.

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

TradingLounge Analyst: Kittiampon Somboonsod, CEWA








Elliott Wave Analysis TradingLounge 4H Chart, 14 July 23,  
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, giving NEO the opportunity to form a new uptrend. Still, the price remains in the correction of wave (2), so wait for the reversal of 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 Oscillator are  bullish momentum.