A few days ago I published a quick model of STEEM which indicated a Fall Channel EXIT to occur on Sunday. That model proved untrue as it failed within hours of being published. As promised, here is a more complete model with an explanation of the previous model's error.
In the last model I placed the Left Rail of the Embedded Fall Channel incorrectly. The slope of the channel and the Right Rail of the channel remained the same. You can see above the corrected placement allows the Control Line CL1 to indicate the precise time and price of the EXIT.
The complete model shows that this channel is embedded in another fall channel with a slightly gentler slope. The Control Line CL1 serves dual purpose here, indicating a final EXIT from the larger Fall Channel sometime in the morning of 9 Jan.
Note that price held the Short Term Uptrend when confronted with severe selling pressure. The trend is intact. I will publish an update to this model as price moves through time. We'll see how this model works.
Thanks for reading.
UPDATE: Two hours later I have identified an EYE from the last peak, but it shouldn't pose any problem. So far, the model is working.
UPDATE 2: MODEL CONFIRMED. SEE COMMENT BELOW.
