SUMMARY
Previous STEEM update had shown a potential for either an ABC or a triangle pattern as shown below. IF the triangle pattern was resulted, then an abcde set of waves would have been labeled. That play is still on the probable table and should price rise a bit higher and be repelled by the upper white line, then the remaining d and e waves could be fulfilled.
IF the ABC corrective pathway is selected, then the key is for STEEM to make higher highs and impulsively to exceed $4.43, it would be ideal and establish a trend reversal. This target would also exceed the upper white line of the triangle.
There is the potential of the bear flag completing as well and that would much depend on how Bitcoin price action carries on for the remainder of day or overnight.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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