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NEOUSD bulls not dead yet: Possible 7:1 risk/reward ratio trade

BITFINEX:NEOUSD   NEO/美元
NEOUSD hit a high of ~$198.20 on Jan. 15, 2018 after which it sold off. Price action from the high at $198.20 to ~$63.62 (on Feb. 6, 2018) is a 3 wave (A-B-C) move. This implies price recovering or resuming from the low on Feb. 6 as an impulse move upwards or at least another 3w move upwards.

The uptrend in price after the low on Feb, 6 2018 is rather another 3w move upwards rather than impulsive. I have labelled the move upwards from the low on Feb. 6 as a wave (A). Support is between $94.01 and $84.45 and is marked on the chart.

If price hold in the region of Support as drawn on the chart, NEO could possible recover in what would be wave (C) to the $170 area where there is natural resistance. In addition, a 100% projection of w(C) based on w(A), which is an acceptable price projection based on Elliott waves gives a target of $169.31. This increases the chance that price might actually target the $170 area as we have 2 separate evidences for resistance to exist around the $170 area.

This trade is valid if price does indeed hold the SUPPORT as marked on the chart. If price does hold, then the target should be $169.

Assuming an IDEAL scenario that the market holds support,
Risk = $94.01 - $84.45 = $9.56
Reward = $169 - $95 (assuming trade was entered at $95)= $74
Risk/reward ratio = 74/9.56 = ~7.7:1
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