It looks like the next 24 hours will see money flood into the market. I'm looking to trade NEO. One thing I'm keeping an eye on is a false breakout. When C corrects down to D the focus should be on the market not breaking the bottom trend line with any sort of significance.
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Correction
When C corrects down to D the focus should be on the market not breaking the bottom trend line with any sort of significance.
Okay, So I made an error on the original post. I ignored a fundamental tennant of elliott wave theory.
Also as the chart has progressed it's behaving slightly differently to how I originally thought it might. I think I tried to make it a little to complicated.
Anyway it seems to be sticking within the confines of the pitchfork and I will be monitoring that for the time being.
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A target of $160 was reached.
A broadening formation pattern appears to be forming/formed. I would expect a pretty dramatic sell off because of this.
This will either occur in the next hour or so. Or there will be one more wave which could take around 6 to 12 hours to form.
Wave 4 can't cross wave 1.