Every 5 wave starts off as a wave I, II, and partial III - that's why Elliot wave is so funny to plot - currently yes the subwave structure of STEEM/USD is looking ABC-ish, however all it takes it one extended rally to turn it into a Wave III of an impulsive wave.

Essentially Elliot waves can turn into other Elliot waves, which turn into patterns, which morph into even more complex patterns - there's really no way to know

It's fun to plot the intermediate movements however, it's not much more than that - 'for fun'.