Neo Gearing Up

Profit taking carnage has spilled over into NEO as well. Currently it is hovering around the $70, psychological and technical level corresponding with the 0.75 Fibonacci Fan level. Both Kovach Momentum indicators are bullish, but we appear to be in Wave 4 of the 5-3 Elliott Impulse wave. Be prepared for more retracement as we complete Wave 4. At this point, $56 seems like a conservative entry point.

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