Short

NEO Correction Wave A

Updated

Some have been asked me to analyze NEO as if I held any substantial amount of the asset. Here is how I would play the correction: Firstly, after touching a key fibo level, I would short the market at $41 - $43 as a primary profit taking point (DONE). I would then decide to short (OR NOT) the rest of my position at the secondary profit taking point (UPCOMING). The job would then be to wait at the min fibo level and gauge the end of correction wave A for short term opportunities with a destination of correction wave B, where I would completely exit my positions. Hope this helps!

Please note, the correction lines are not drawn to scale. I expect the correction to unfold over a longer period of time. Correction wave A and B may not occur at the timeframe posted to this chart.

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Maybe we will see a touch and go?

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Sorry sorry sorry, this one:

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We have not traded in the secondary trading box yet. Look for reversal patterns...inverse H&S going north-bound?

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We never made it to the secondary trading box. Massive sell offs have happened here. All eyes are now on the trend line. If broken, it wont be good.

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NEO is still bleeding. I expect the max correction ($15.25). Chart supports dictates it cannot go lower, so it could be a nice discount opportunity. I would wait for confirmation like a double bottom and RSI divergence first. SO much money has been lost here, I expect a nice rebound to wave B for market makers to cash out.

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The bloodletting continues. I consider that move to the 0.5 fibo as a bounce. We are still in corrective wave A.

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I am still waiting for the $15 region.

Next support is at the trend line between $10 and $12.5 depending on the timeframe.

Caution here: we are trading at sub-wave 1 levels from the structural wave 3. This indicates a pretty deep correction, so the long term condition of this asset should be heavily scrutinized. If you decide to buy at support levels, aim just below the max fibo ($37.50). That is still a considerable profit if you are buying at the discounted support levels.

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Its following BTCUSD. Here is what I see at the moment. I will open a new thread once see a long position.

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Same view today.

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We smacked the support at $15! MAN these poor NEO hodlers :(

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We are now heading southbound to test the major trend line

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Wave 1 support broken and trend line ahead. I think bear is here to stay in this market.

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Still sinking as the worst performer of the sell on strength day in the cryptoverse. :(

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FOR ALL YOU NEO HODLERS!
Correction wave-A is likely to end here or completely collapse, so you'll want to pay attention to what goes on around here.

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The circle looks like a mini-markdown. So I am expecting another test of the local support, a retrace (inverse ross hook!) and then downward to the support or trend line.

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It was a markdown signal! You know, if you analyze 4 or 5 different coins in their USD pair you can find some interesting clues about where the market wants to head next.

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We broke out of the major downtrend line. RSI seems to be making a sell signal... hmmm

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Ahhhh, thats becuase we got a sell in the NEOBTC pair

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I'm not trading here, as i wasnt paying attention to the bullish RSI divergence during the weekend.
You have the big key fibo ahead, and the sub-fibo resistance too. The move up is on low volume in relative terms. This indicates to me that supply is being held for long term, or it will be dumped at one of the fibo areas. We shall see.

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Kissed the fibo resistance (purple area) and backed off. That is very bearish to me.

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NICE! Here are the new lines

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RSI made a selling signal?

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Overall, the chart is still bearish. This last rally kissed the 0.5 major fibo, which is a normal retracement in the current downtrend (meaning, we did not EXIT the downtrend, or no new price structure). We double topped at $34 which adds to the bearish thesis. The shorting box was too strong. Actually, we are currently in another shorting box, which could push prices lower again. GL!

Trader6127

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