SUMMARY
Most will recall how slowly STEEM passed through the recent Cup & Handle pattern. Many lost their patience with this coin duing the very long, extended pattern formation of the Cup and threw in the towel to look for the next quick fix. I've been very consistent: Altcoins correct very slowly. They almost don't know how to correct quickly. I don't see the a,b,c spike down on STEEM represents the end of the current correction. It will drag on a while longer. It's the Hurry UP & Wait syndrome!
The below is not a projection but one pathway STEEM could take to eat more time. This correction would then form the a,b,c,d,e (3,3,3,3,3) pattern. After a near vertical move, Altcoins only seem to know this slow mode of correction.
Very common, and already visible in EOS, DOGE and other coins, is the sideways movement of price. This is typical of the double and triple combinations. The below chart shows how effective these WXY and WXYXZ waves can allow the slow churning of corrective direction. It could be a bit while longer before this correction finishes; not in a crash scenario but perhaps a water torture type; as it had previously during the Cup & Handle phases.
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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