NEO broke the Descending wedge ! A rising Elliot starts here
Updated
Guys a descending wedge symbolises bears getting lack of momentum with time and bulls trying to overtake them ! though the sides of wedge act as good resistance ! Some of you would have remembered about the nano and ltc chart i posted on my timeline and same condition was there ! And if you can remember the breakout that occurred was really nice ! Sorry i was lil late today and did not notice that NEO is going to test wedge again today ! Finally it has broken it ! Now i can make many elliots in this graph ! If i take 1d graph i can make a big one and show that this fall in wedge was a ABC correction of another elliot ! Anyways if you see the wedge u can again see a descending elliot and so the breakout point starts its ABC correction ! In fact from this point a new elliot also starts which is rising elliot ! As it has just started we need to figure out wave 2 ( ones it falls to some points and crosses the point from where it started falling then we are sure about an elliot ) ... double , triple bottoms after falls and descending wedge clear breakdown ( sometimes false breakdowns are there where volume is less) in 95% cases lead to a nice elliot cycle ! So keep eye guys and keep following it !
Note
Guys listen to me ! Some of you seem to be confused with elliot thing ! i noticed on fb ! See guys i did not make complete elliot ( unless the length of wave 1 and wave 2 is confirmed no point in using fibonacci ) and yes one way is using fibonacci considering the first wave of this rising wave to be A of falling elliot wave ( the one is wedge ) ! and second wave as B (it all depends on how you do things ) ! Also always have eye on MACD and RSI ( or whichever indicators you prefer) ! always add 50 , 100 and 200 EMA lines ( best suited are 2H and 4H graphs for them) .Note
and 50 EMA resisted it as it was to ( leading to wave 2 ) ! Crossing 50 EMA again will later help it to make wave 3.
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