BiggyBalls

NEO (14.70/11.00) Correction

Short
BINANCE:NEOUSDT   NEO / TetherUS
Good support at 14.70/13.80 with wave retrace levels at .61/.50 fib levels plus previous alternated resistance. Placing a parallel channel over the previous two waves we can consider the recent peak outside to potentially create the inverse effect to the lower side for a full retrace to $11.00 - this however seems rather steep and would be difficult to reach given the above support, much will depend on BTC movement.
16.10 is another key support that has been tested already - this is a confluence level of 38/50 fib retraces of two waves. Given the volatility we may see a short-term bounce into a wedge /range, otherwise a bearish trend for the month ahead.

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