NEO's Price Pathway

SUMMARY

The downward wedge pattern for NEO/USD isn't complete yet. To consider that the correction could be complete would be premature. The below chart shows that of the abcde waves, d and e have still not yet been placed. That means that after a rise of 85% to around $39; a lower low could be likely for wave e.

With the subwaves labeled, the remaining d and e waves should be three wave abc types. Now, be aware that not every triangle requires fives waves of abcde. There are times when the price can breakout on the d wave cycle. Given how the MACD looks, there is a potential for this so being aware of a potential breach of the upper white resistance line will be needed.

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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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