$NEO 2 scenarios where I'm looking at
Updated
I'm doubting which way NEO is going, therefore I'm showing you 2 scenarios.
My previoius set up described a downtrend for NEO (right chart) and 1 more leg down.
Yesterdays sudden upmove broke out of that pattern and is currently making a bull flag on lower timeframe.
If I draw the upper trendline a bit different, price stays in that downtrend and it might fall back indeed to 5.
Looking at the trendlines, right side is how it should be drawn. Looking at current pattern forming, I tend to go for a new breakout towards 0,001 as 3rd leg.
My previoius set up described a downtrend for NEO (right chart) and 1 more leg down.
Yesterdays sudden upmove broke out of that pattern and is currently making a bull flag on lower timeframe.
If I draw the upper trendline a bit different, price stays in that downtrend and it might fall back indeed to 5.
Looking at the trendlines, right side is how it should be drawn. Looking at current pattern forming, I tend to go for a new breakout towards 0,001 as 3rd leg.
Note
Looks to me that the ABC was the first leg in the WXY, currently in a bearflag which indicates more down 
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.