Classic elliot wave has nothing to do with this, there is a very good chance China ban the ICOs, thay was leaked and thay is the reason NEO is dropping, nothing oficial yet, still it seems it comes from a good source.
@tadammass, well actually they said they will ban ICOs if the analysis states that there are risks involved for the investors.... and...we all know that there are risks involved sooooo..... US citicens are not allowed to participate on ICOs - it's very possible that chinese people could get the same problem... the NEO price is build upon those upcoming ICOs that's why such a rumour is very bad for it's price..