NEO potential start of next bullish leg
NEO 4H
After having completed Wave D, we saw an ultimate sell-off, hitting the max. downside target of 3.75 followed by an immediate rejection to the upside and a close within the channel.
The area of $29-$25 is of great interest for the start of a next bullish leg. In case price proves us right and we see a break of the corrective structure, the projected upside target is around $55
After having completed Wave D, we saw an ultimate sell-off, hitting the max. downside target of 3.75 followed by an immediate rejection to the upside and a close within the channel.
The area of $29-$25 is of great interest for the start of a next bullish leg. In case price proves us right and we see a break of the corrective structure, the projected upside target is around $55
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Two approaches for opening longs IF we get to see a break on this one.
Happy Trading!
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Similar behaviour in price on IOTA
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NEO 30min
Price has failed to close above the marked point of validation. Further downside to be expected.
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4H UPDATE:
Although price has breached the point of validation, we did not get a close above the peak of the minor corrective structure (red line). Note, that I am acting on what the price structure is confirming not what I assume or would like to happen. As long as we don't see a clear break of the counter-trendline I've drawn from point D, there is no reason for me to open any longs.
On the other hand, as long as price respects the key area of $22.50, we can expect a further move to the upside.
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Not about NEO, but for those of you who are also having an eye on IOTA this is my recent update:Currently matchpoint. If price breaks and closes outside the corrective structure, look for a minor retest before considering opening longs
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It's getting interesting. Will we see a break or not? If so, I'll wait for a minor retrace to buy. Updates will follow
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There we are. NEO to the moon!
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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.