I'm doubting which way NEO is going, therefore I'm showing you 2 scenarios.
My previoius set up described a downtrend for NEO (right chart) and 1 more leg down.
Yesterdays sudden upmove broke out of that pattern and is currently making a bull flag on lower timeframe.
If I draw the upper trendline a bit different, price stays in that downtrend and it might fall back indeed to 5.
Looking at the trendlines, right side is how it should be drawn. Looking at current pattern forming, I tend to go for a new breakout towards 0,001 as 3rd leg.
My previoius set up described a downtrend for NEO (right chart) and 1 more leg down.
Yesterdays sudden upmove broke out of that pattern and is currently making a bull flag on lower timeframe.
If I draw the upper trendline a bit different, price stays in that downtrend and it might fall back indeed to 5.
Looking at the trendlines, right side is how it should be drawn. Looking at current pattern forming, I tend to go for a new breakout towards 0,001 as 3rd leg.
Comment:
Looks to me that the ABC was the first leg in the WXY, currently in a bearflag which indicates more down
