Hello there,
My name is Remy and I am a technical analyst and a forex trader on and off for the last decade. And I still enjoy analysing.
So I must admit, I have been peeking at the Steem chart and thought by myself to share me thoughts on it.
Why am I posting this at this moment?
I do believe that Steem is at the point to make a reverse up. So buying now would be lucrative especially for the long term.
let me explain...
Every trend move has a certain structure according to mister Elliot wave. Who ofcourse made a theory out of it. Every cycle consists of 3 impulsive and 2 correction and after that move is completed it retraces at least 38.6% back from the top.
Behold!
So the conclusion...
Steam is at point 4 and has yet to complete the 5th wave. So nice buying moment right?
Thanks for reading and I'll probably post some more in the future.
Take care!