Image Source: Elliott Wave Analysis TradingLounge Daily Chart, 6 December 23,NEO/ U.S. dollar(NEOUSD)NEOUSD Elliott Wave Technical AnalysisFunction: Counter TrendMode: CorrectiveStructure: ZigzagPosition: Wave (B)Direction Next higher Degrees: Wave ((2)) of ImpulseWave Cancel invalid Level: 6.49Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))NEO/ U.S. dollar(NEOUSD)Trading Strategy: The rally in wave (1) seems to have ended at the 15.46 level, and the price is entering a correction period in wave (2), where the reversal of wave (2) is usually .50 or .618 x length. Thus, Neo’s trend is still upward, and the reversal is only short-term to continue the wave (3).NEO/ U.S. dollar(NEOUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillators a Bullish Momentum.TradingLounge Analyst: Kittiampon Somboonsod, CEWASource : TradingLounge.com Elliott Wave Analysis TradingLounge 4H Chart, 6 December 23,NEO/ U.S. dollar(NEOUSD)NEOUSD Elliott Wave Technical AnalysisFunction: Counter TrendMode: CorrectiveStructure: ZigzagPosition: Wave (B)Direction Next higher Degrees: Wave ((2)) of ImpulseWave Cancel invalid Level: 6.49Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))NEO/ U.S. dollar(NEOUSD)Trading Strategy : The rally in wave (1) seems to have ended at the 15.46 level, and the price is entering a correction period in wave (2), where the reversal of wave (2) is usually .50 or .618 x length. Thus, Neo’s trend is still upward, and the reversal is only short-term to continue the wave (3).NEO/ U.S. dollar(NEOUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillators a Bullish Momentum.
More By This Author:
Elliott Wave Technical Analysis: NEOUSD – Wednesday, December 6
