quantguy
Long

Neo Pulls Back

BITFINEX:NEOUSD   NEO / U.S. Dollar
Though we did briefly see $100 Neo last night, as predicted in this newsletter, we retraced sharply at the Fibonacci Fan level of $106, which coincides with the upper bound of the KRI             . This likely is the beginning of the corrective impulse of the Elliott Wave . Neo found support from below at $91, the next Fibonacci Fan level, but fallout is likely to continue. Both Kovach Momentum Indicators are solidly bullish . There is still a lot of interest in Neo, so consider this retracement a buying opportunity.

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look at your chart 5th is too short
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i think most are hoping for 120$ at least before wave 5 ends
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quantguy janek.bobula
@janek.bobula, True, but then we'd have to redefine the entire wave, because wave 3 needs to be the longest and strongest. I don't disagree with a $120 target, we will just see what happens in the mean time...
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DrJLT quantguy
@quantguy, no, wave 3 needs to be not the shortest & weakest, but in very bullish markets wave 5 is stronger
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@DrJLT, Straight from Elliott Wave International's handbook:

'Within a five-wave move, wave three will typically be the “extended” wave, while waves one and five will tend toward equality'
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DrJLT quantguy
@quantguy, so? doesn't contradict what I said. I think the only requirement is that 3 is NOT the weakest. In a bear market, 1>3>5; bull, 5>3>1; normal 3>1~5
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@DrJLT, From another online source (though I don't necessarily trust things I read off websites lol)

https://www.mtpredictor.com/Elliott-Wave-3-Theory
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DrJLT quantguy
@quantguy, "usually" -> not MUST

but it really MUSTn't be the shortest
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DrJLT DrJLT
@DrJLT, nevertheless, I have the same prediction & wave count as you

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@DrJLT, Ok fair enough, we are in agreement
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