NEOUSD: Neo Looks Corrective Within Uptrend
Hello Crypto lovers!
We have seen a sharp and quite impulsive bounce from April lows on
NEOUSDT.
Five waves up can be unfolded, which gives us the first evidence of a bullish reversal into wave A/1. As we know, after every five waves, a three-wave pullback follows. So, at the end of April price slowed down and dropped into correction, as you can see, with three waves (A)-(B)-(C) back to around 61,8% Fibonacci retracement into wave B/2, which is actually ideal reversal zone in EW theory.
That said, this could be a very nice bullish setup for wave C/3 towards new highs, but first we want to see an impulsive bounce and for now we are just watching and waiting. If we get that bounce with five sub-waves, then this could be a good evidence that NEO is turning back into bullish mode, especially if breaks above previous wave A swing low at 78 level, because this would be our bullish confirmation and we could see much higher levels above 100 for wave C/3.
We have seen a sharp and quite impulsive bounce from April lows on
NEOUSDT. Five waves up can be unfolded, which gives us the first evidence of a bullish reversal into wave A/1. As we know, after every five waves, a three-wave pullback follows. So, at the end of April price slowed down and dropped into correction, as you can see, with three waves (A)-(B)-(C) back to around 61,8% Fibonacci retracement into wave B/2, which is actually ideal reversal zone in EW theory.
That said, this could be a very nice bullish setup for wave C/3 towards new highs, but first we want to see an impulsive bounce and for now we are just watching and waiting. If we get that bounce with five sub-waves, then this could be a good evidence that NEO is turning back into bullish mode, especially if breaks above previous wave A swing low at 78 level, because this would be our bullish confirmation and we could see much higher levels above 100 for wave C/3.
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