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NEO has likely completed a sizable ABC correction as also qualified by the subwaves. The resulting pattern has also been a Cup & Handle as can be seen in the below chart. This is a bullish pattern and while the retracement thus far has exceeded the 0.78 Fib level, it doesn't become invalidated until price exceeds teh lowest point of the cup formation.
NEO impulsed in five waves (blue) since the red C wave bottom. The current correction is labeled with ABC. While there are multiple ways of labeling this same correction, the red abc seems the clearest.
The MACD pattern remains bullish and this combined with the Cup & Handle, the setup remains bullish. There is still some room for the MACD to wiggle a bit further within the ever contracting lines; but the breakout bias is likely to the upside.
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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
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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