NEO Correction Can Extend into April
Last week, the below chart was posted on NEO showing a potential lower lows into this correction. The pattern used was a flag and the count was a tripl combination.
Since then, price has declined and IF it is able to find support at around current levels or even a bit lower; the below pattern is proposed where the Elliott Waves could offer some next step probable guide. The red abcde could play out to be quite opportunistic.
The subwave fill shows the required 3,3,3,3,3 for the abcde. This would have the a,b and c complete and the d and e would be expected to be next. This pattern would allow the time extension to the correction with the sideways movement. The key is that the lower white line needs to hold as support and price needs to starting finding a bounce point. IF the lower white line gives, then the $40.20 could fast approach.
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Tutorial on the use of Fibonacci & Elliott Waves
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