Neo One More Wave to Go
Neo has finished 3 Elliott waves and is in the mist of completing the 4th wave. Currently, the price is bouncing from the support of a rising channel and 0.382 fib level (not shown in chart) after forming an ABC correction. There is a possibility that the 4th wave correction will extend longer as it does seem a bit short. If a longer correction occurs, the most ideal scenario is to form a rising triangle while staying in the channel. If the price, breaks below the channel, there is still strong support. The $8.45 to $8.70 is the most notable support region as it is the top of blue wave 1 and the bottom of purple wave 4. According to this wave count, Neo should at the worst bounce off that region with a wick. Any break of the support or consolidation within that region would clearly invalidate this count.
The target is $10.80 as that is the one to one extension of a previous move up.
However, not all the indicators signal bullishness. In particular, the RSI is displaying bearish divergence, and the volume is declining. The price also just broke from a rising wedge.
The target is $10.80 as that is the one to one extension of a previous move up.
However, not all the indicators signal bullishness. In particular, the RSI is displaying bearish divergence, and the volume is declining. The price also just broke from a rising wedge.
Catatan
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.