5 impulse wave. I didn't want to make a mess on the chart but Corrective wave 2 did have an correction, and now Wave 4 also did.
Then we had a and a breakout. divergence to confirm the trend. 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! , has diverged (a little too early though so we may not breakout yet), and 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 .
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. crossovers usually denote the end of a wave, as I've circled and pointed out here.
4. 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 crosses back over, and when the Indicator on the bottom stops going higher into the green, you can exit the trade.
Hope this helps!
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