FIRST, I'll explain my prediction, Then I'll explain how Elliot Wave Analysis works (If you don't know Elliot Waves, read the second part first).
Elliot 5 impulse wave. I didn't want to make a mess on the chart but Corrective wave 2 did have an ABC correction, and now Wave 4 also did.
Then we had a wedge and a breakout. MACD divergence to confirm the trend. Volume didn't pick up till we broke all time high, but that took us up more than 100 percent.
Same set up showing on the chart again! Wedge, MACD has diverged (a little too early though so we may not breakout yet), and volume is still weak. But if this chart repeats itself, Impulse Wave 5 COULD take us to $300 on NEO. A bit of a long shot given the condition of BTC and the calmness of the market now, but if you want to trade this you can Enter at Fib line right above the triangle (around 160-163). Stop Loss at 150. And trail your stop loss above the ATH.
ELLIOT WAVE Quick Tutorial
Elliot Waves are impulses where each run is followed by a correction. They usually come in impulses of 5. Waves 1, 3, and 5 follow the trend, and Waves 2 and 4 are correction waves.
Let's check some rules out:
1. Wave 4 cannot cross over Wave 1- This chart follows that rule as wave 4 corrects right above the high of wave 1.
2. Wave 3 cannot be the weakest wave- This follows that rule, as wave 1 is weaker than wave 3.
3. MACD crossovers usually denote the end of a wave, as I've circled and pointed out here.
4. Elliot Wave Indicator is VERY Helpful- The Green mountains help you find Waves 1,3 and 5. Any Red zone denotes corrective wave. So here we see the red tips where we charted waves 2 and 4.
If you enter now, the idea is that you are entering Wave 5. When the MACD crosses back over, and when the Elliot Wave Indicator on the bottom stops going higher into the green, you can exit the trade.
Hope this helps!
Check out my other trades too. If my charts are helpful, and they result in profit for you, please like and follow my profile to catch all my trades. And tips are most welcome, and encourage me to keep posting these updates for free! PM for crypto addresses.
Happy Trading!
Elliot 5 impulse wave. I didn't want to make a mess on the chart but Corrective wave 2 did have an ABC correction, and now Wave 4 also did.
Then we had a wedge and a breakout. MACD divergence to confirm the trend. Volume didn't pick up till we broke all time high, but that took us up more than 100 percent.
Same set up showing on the chart again! Wedge, MACD has diverged (a little too early though so we may not breakout yet), and volume is still weak. But if this chart repeats itself, Impulse Wave 5 COULD take us to $300 on NEO. A bit of a long shot given the condition of BTC and the calmness of the market now, but if you want to trade this you can Enter at Fib line right above the triangle (around 160-163). Stop Loss at 150. And trail your stop loss above the ATH.
ELLIOT WAVE Quick Tutorial
Elliot Waves are impulses where each run is followed by a correction. They usually come in impulses of 5. Waves 1, 3, and 5 follow the trend, and Waves 2 and 4 are correction waves.
Let's check some rules out:
1. Wave 4 cannot cross over Wave 1- This chart follows that rule as wave 4 corrects right above the high of wave 1.
2. Wave 3 cannot be the weakest wave- This follows that rule, as wave 1 is weaker than wave 3.
3. MACD crossovers usually denote the end of a wave, as I've circled and pointed out here.
4. Elliot Wave Indicator is VERY Helpful- The Green mountains help you find Waves 1,3 and 5. Any Red zone denotes corrective wave. So here we see the red tips where we charted waves 2 and 4.
If you enter now, the idea is that you are entering Wave 5. When the MACD crosses back over, and when the Elliot Wave Indicator on the bottom stops going higher into the green, you can exit the trade.
Hope this helps!
Check out my other trades too. If my charts are helpful, and they result in profit for you, please like and follow my profile to catch all my trades. And tips are most welcome, and encourage me to keep posting these updates for free! PM for crypto addresses.
Happy Trading!
Bình luận:
Slow and steady were above the Fib Line. Let's see it go to 200.