phenein

NEO Wave 5 has begun (And a quick Lesson on Elliot Waves)

BITFINEX:NEOUSD   NEO / U.S. Dollar
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!
Comment: Slow and steady were above the Fib Line. Let's see it go to 200.
Awesome post! Very informative, easily to follow!! I'll definitely be following more of your trades. Thanks for all the help.
Reply
still good entry?
Reply
I’m going to keep an eye on this one 40% of my portfolio is NEO

Nice write up very informative and easy to digest.

Thank you for sharing your knowledge and experience

Shane


Reply
phenein STAINO
@STAINO, thanks so much, I'm glad it was helpful. Another trading tip- as Neo goes up, you can take profits along the way and keep NEO at 40% of your portfolio. You know what I mean?
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out