NEOBTC can be forming the final legs of wave C of wave 4.
The sharp rally we saw on 7 September was likely a C and stopped right at resistance at 1.236 times the size of wave A. This is a common Fibonacci extension for a wave C.
This means we can now be in wave 5 of C of 4. Wave 5 may form as an ending diagonal.
Remember that corrections along the way are supposed to make you feel hopeful of an impending resumption of the bullish trend. The sharp rally on 7 September probably made many holders of NEO hopeful.
In order for the bullish trend to resume, the market tries to shake out as many long positions as possible.
Trade with care! :)
The sharp rally we saw on 7 September was likely a C and stopped right at resistance at 1.236 times the size of wave A. This is a common Fibonacci extension for a wave C.
This means we can now be in wave 5 of C of 4. Wave 5 may form as an ending diagonal.
Remember that corrections along the way are supposed to make you feel hopeful of an impending resumption of the bullish trend. The sharp rally on 7 September probably made many holders of NEO hopeful.
In order for the bullish trend to resume, the market tries to shake out as many long positions as possible.
Trade with care! :)
