Bears in full charge and will be for a whileThis weekly looks so bad for the bulls weekly is trading under the weekly S/R level and also closed under the last defense level (red line). I think Neo will go down 48% from where we are now.
I would be interested in taking a long once we test that level i pointed out altho i will not long it blindly. i would like to see Daily bullish price structure for me to take a long there 4h at a minimum
Neoshorts
NEO losing steam (5 Waves In)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.
NEOUSD Shorts-12.10.2017support turned resistance trend line retest in progress.
Sellers to short, stop loss above $30 and Take Profit at $14
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