Elliot Wave Analysis On NEO

631 4
First T.P 0.01544

Second T.P 0.018 (this would be overperformance)
Comment: .236 is valid for a wave 4 as well
Comment: filled
Comment: still respecting the wave counts
Trade closed: stop reached
We need some volume to begin wave 5? No volume means no wave?
Hi, I'm really new to this world and sorry if that's a noob question but, what do you mean with your last comment: .236 is valid for a wave 4 as well??
zeelorenc ManInElevator
@ManInElevator, I used the fibbonacci retracement tool, so on the left you see a pile of numbers. When I say .236 I am referring to 0.236(0.01421) line (coloured in white).

Wave 4 can potentially be bottomed within the range of the 0.5 and 0.236 on balance of probabilities before going higher.

Hope I made sense

ManInElevator zeelorenc
@zeelorenc, Really clear now! Thanks for the explanation! I'm seeing that getting used to Fibonacci levels and Elliot Waves can help a lot with the charts!
Thanks again!
+1 Reply
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