SUMMARY
Steem Dollar (SBD) could be putting in the finishing waves for the complex correction wxyxz, the end of which is patterning out as a downward symmetrical triangle. The whole correction also has a convex curvacious feature and while not drawn in the chart, a wide girthed rounded price bottom also has potential. However, given the proximit of price to the apex, some degree of breakout is expected. Whether it's sustainable through two rounds of impulse rises is yet to be determined.
While MACD is reaching for higher lows, price is declining to incrementally lower lows. This a positive divergence that has been happening now since late January. The MACD also is quite proximal to the apex of its own symmetrical triangle. Do you think this is the best time to be taking selling or buying actions?
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
