1 hour short elliot wave 1-2 setup
after a 5 wave move down(indication of downward trend) neo pulled back in a corrective abc structure(with overshooting b wave). this correction looks complete as it came into the grey fibonacci area with c wave completing all 5 waves in an ending diagonal. There is a good chance that the top is in and price is reversing in this grey fib area. breakout of the blue trendline of the ending diagonal is the first confirmation that the top is in and that 3rd wave rallyhas started with a minimum target of 6.6 .
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.