SUMMARY
STEEM has declined with Bitcoin but unlike it, placed a lower low. The triangle pattern has been re-aligned to include the new price data and yet the pattern and direction remain unchanged. The ABCDE appear complete. It's the simplest assessment that can be made using this chart. Does this guarantee that a lower low from here is not to happen? In a word, no. However, probability of price and pattern show that once all five sub waves of the triangle complete, then a breakout is likely.
The MACD shows a potential turn can also be supported. The white moving average needs to turn up and cross the red lagging indicator. Has this triangle fulfilled enough time extension? We'll find out but further extension is clearly probable.
Note the higher lows generated by the red histogram, the 9 day average. This is usually the early indicator and projects that the 12 day white line should turn upwards and converge with the 26 day slow moving average (red).
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
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Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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