NEO losing steam (5 Waves In)
Updated
After going through the chart at depth, I strongly believe the 5 waves have already materialised and further correction is due.
I found textbook fib retracements for all my waves. 4h MACD shows a bearish crossover.
However the future track of NEO will largely depend on how BTC performs.
We shall get confirmation that we are in a Sub Wave 3 if the right shoulder is formed.
For those who prefer chart trend patterns. A 5 wave structure followed by 3 wave correction looks and acts like a Head and Shoulders Pattern.
I found textbook fib retracements for all my waves. 4h MACD shows a bearish crossover.
However the future track of NEO will largely depend on how BTC performs.
We shall get confirmation that we are in a Sub Wave 3 if the right shoulder is formed.
For those who prefer chart trend patterns. A 5 wave structure followed by 3 wave correction looks and acts like a Head and Shoulders Pattern.
Note
Neo is closing in to the overhead resistance line on the daily.
A few days ago it has a false breakout. Lets see how it fares this time.
Trade active
The update is here
Note
Wave 3 hit targets perfectly. Lets see what Wave 4 wants to do.
Note
Wave 4 touched the box. Now looking at the daily chart I see that RSI (9) has given a regular bearish divergence. NEO will take a while to recover out of that.
So I'm much more confident that it will drop to 70 and then low 60s.
Trade closed: target reached
Only took 5 days. Now that was a quick trade.
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