Singkat
NEO Correction Wave A

Some have been asked me to analyze NEO as if I held any substantial amount of the asset. Here is how I would play the correction: Firstly, after touching a key fibo level, I would short the market at $41 - $43 as a primary profit taking point (DONE). I would then decide to short (OR NOT) the rest of my position at the secondary profit taking point (UPCOMING). The job would then be to wait at the min fibo level and gauge the end of correction wave A for short term opportunities with a destination of correction wave B, where I would completely exit my positions. Hope this helps!
Please note, the correction lines are not drawn to scale. I expect the correction to unfold over a longer period of time. Correction wave A and B may not occur at the timeframe posted to this chart.
Please note, the correction lines are not drawn to scale. I expect the correction to unfold over a longer period of time. Correction wave A and B may not occur at the timeframe posted to this chart.
Nota
We have not traded in the secondary trading box yet. Look for reversal patterns...inverse H&S going north-bound?Nota
NEO is still bleeding. I expect the max correction ($15.25). Chart supports dictates it cannot go lower, so it could be a nice discount opportunity. I would wait for confirmation like a double bottom and RSI divergence first. SO much money has been lost here, I expect a nice rebound to wave B for market makers to cash out.Nota
I am still waiting for the $15 region.Next support is at the trend line between $10 and $12.5 depending on the timeframe.
Caution here: we are trading at sub-wave 1 levels from the structural wave 3. This indicates a pretty deep correction, so the long term condition of this asset should be heavily scrutinized. If you decide to buy at support levels, aim just below the max fibo ($37.50). That is still a considerable profit if you are buying at the discounted support levels.
Nota
We smacked the support at $15! MAN these poor NEO hodlers :(Nota
FOR ALL YOU NEO HODLERS!Correction wave-A is likely to end here or completely collapse, so you'll want to pay attention to what goes on around here.
Nota
I'm not trading here, as i wasnt paying attention to the bullish RSI divergence during the weekend. You have the big key fibo ahead, and the sub-fibo resistance too. The move up is on low volume in relative terms. This indicates to me that supply is being held for long term, or it will be dumped at one of the fibo areas. We shall see.
Nota
NICE! Here are the new linesNota
Overall, the chart is still bearish. This last rally kissed the 0.5 major fibo, which is a normal retracement in the current downtrend (meaning, we did not EXIT the downtrend, or no new price structure). We double topped at $34 which adds to the bearish thesis. The shorting box was too strong. Actually, we are currently in another shorting box, which could push prices lower again. GL!Penafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.