Neo's chart shows an uncanny repetition of a previous trading pattern. I've highlighted this in yellow with indicated the key points A1-F1 & A2-F2. This pattern enables us to forecast the next movement which I think will be a move towards the all time high. See the flag at E1 now being repeated at E2. I reckon this is is a good indicator for entry. It's possible that a trading range similar to TR1 may follow. For this reason I've set an exit to take first profits at F2, $48. I'd advise we reevaluate at this level if we'll see the trading range TR1 repeated, or a continued upward movement. If TR 1 is repeated, we'll look out for trendline breaks, as demonstrated by green lines on the above chart.
Ultimately we're looking at a movement towards profit 2 which sits at $80. This could be a medium term hold, or profit taking, sitting out a possible downward trading range and reentry.
Ultimately we're looking at a movement towards profit 2 which sits at $80. This could be a medium term hold, or profit taking, sitting out a possible downward trading range and reentry.
Trade active:
Well so far Neo is playing out this repetition pattern to the letter! I opened this trade at the entry and took profit target one swiftly, re-entering for target 2. I anticipated trading range 2, which is now occurring, if a little more sharply than the first. With all of the coins that have exploded this week, it's just a matter of time before Neo has it's go. I wouldn't be surprise if this happens sooner than later. But if we do see trading range 2, then feel assured that this is a hold.
Comment:
Comment:
Great progress by Neo this past couple of days. We've hit profit 2 and beyond. Let's take a look at the larger view, this is where the fun starts. Neo is in the clear beyond previous highs and I believe this move deserves a target of $100 in the coming week. This is based on the depth of the recent price range, and the scale of the last significant price breakout.