Elliott Wave Analysis TradingLounge Daily Chart 

In the dynamic world of cryptocurrency trading, understanding market patterns is crucial for success. This guide delves into the Elliott Wave analysis of NEO against the U.S. dollar (NEOUSD), providing traders with insights to navigate the complexities of market trends effectively.

NEO/ U.S. dollar(NEOUSD) Daily Chart Analysis

NEOUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave B

Direction Next higher Degrees: Wave (II) of Impulse

Wave Cancel invalid Level: 9.85

Details: Wave (II) is equal to 61.8% of Wave (I) at 10.71 Level

NEO/ U.S. dollar(NEOUSD)Trading Strategy:
Second wave correction before rising again in the third wave with a flat pattern. The current status is a short-term pullback in wave B before falling again in wave C, so wait for the correction to complete to join the uptrend again.

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

Elliott Wave Analysis TradingLounge H4 Chart 

NEO/ U.S. dollar(NEOUSD) 4-Hour Chart Analysis

NEOUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave B

Direction Next higher Degrees: Wave (II) of Impulse

Wave Cancel invalid Level: 9.85

Details: Wave (II) is equal to 61.8% of Wave (I) at 10.71 Level

NEO/ U.S. dollar(NEOUSD)Trading Strategy:
Second wave correction before rising again in the third wave with a flat pattern. The current status is a short-term pullback in wave B before falling again in wave C, so wait for the correction to complete to join the uptrend again.

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

Technical Analyst: Kittiampon Somboonsod

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

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Conclusion

The Elliott Wave analysis for NEOUSD highlights a complex yet predictable pattern of market behavior, where understanding specific wave structures can significantly benefit trading strategies. The current corrective phase in the market presents a strategic opportunity for investors to engage just as the market readies itself for another upward move.