NEOLong
NEOUSD 4H UPDATE - 24/03/2018
Following previous chart dated 09/03/2018 which was telling 2 stories, one of them true today (of course ;-)).
So, 63.62 failed to hold and as mentioned in comments, that went bad for NEO.
Therefore, count was not valid anymore, previous trade from 80ish was stopped out at 78.00 and that is fine.
Now, we can see clearly that 28/02/2018 high was a bull trap or false breakout, for me it is a FLAT from 141.16 high and it sent all the way down, but for that I need a 5 waves down from 28/02/2018 high (146.12), therefore RSI divergence that I do not have yet: so I expect a new low,
OR
if we go higher from current level (no RSI divergence therefore only 3 down from 146.12), I do not label the FLAT but a truncated cycle from 06/02/2018 and a classic double correction (dotted line in price and RSI).
So, do you buy now or below 49.04?
So, 63.62 failed to hold and as mentioned in comments, that went bad for NEO.
Therefore, count was not valid anymore, previous trade from 80ish was stopped out at 78.00 and that is fine.
Now, we can see clearly that 28/02/2018 high was a bull trap or false breakout, for me it is a FLAT from 141.16 high and it sent all the way down, but for that I need a 5 waves down from 28/02/2018 high (146.12), therefore RSI divergence that I do not have yet: so I expect a new low,
OR
if we go higher from current level (no RSI divergence therefore only 3 down from 146.12), I do not label the FLAT but a truncated cycle from 06/02/2018 and a classic double correction (dotted line in price and RSI).
So, do you buy now or below 49.04?
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