NEO/U.S. dollar(NEOUSD) Elliott Wave Technical Analysis 26 July 23

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Elliott Wave Analysis TradingLounge Daily Chart, 26 July 23,  
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: 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. 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 Oscillator are  Bearish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA







Elliott Wave Analysis TradingLounge 4H Chart, 26 July  23,  
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: 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. 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 Below the MA200 indicating a Downtrend, Wave Oscillator are  Bearish momentum.