NEO price action has not shown any signs yet of a trend reversal. However, the correction can be counted in a couple different ways. The below chart shows an ABC with the subwaves of C almost in place with wave 5 currently in progress. Does this assure a correction bottom? Unfortunately, no; primarily because the tendency to sideways extend can't be underestimated.
The second pattern is one that would allow a few more weeks of time and price extension. The ABCDE triangle fits well into allowing a good amount more of sideways action. The MACD is also looking oversold but likely to follow the up and down of the upcoming waves X and Z.
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
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Tutorial on the use of Fibonacci & Elliott Waves
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