Over the last year, I have been introduced to Elliott Wave Theory and have learned to use it in trading cryptos. More recently, I have looked into the more specific "Fibonacci Pinball" method described by Avi Gilburt's group. I have never subscribed to any of their services, but they have an Education section of their website, which includes an introduction to their Fibonacci Pinball method as well as a more detailed presentation on the topic.
I have decided to practice their method and use this blog to document my analysis for my own purposes.
I am not a financial advisor. Do not consider this to be financial advice. I am posting it here for my own practice and future review only.
Today let’s take a look at STEEM.
Going back to 2016, STEEM has formed a cup and handle between broadening long term support/resistance lines. It looks like it is in the final stages of completing the handle and has put in a set of minor higher lows, after falling below long term support.
Taking a closer look, as long as STEEM stays above $1.21, we can consider this to be the beginning stages of an impulse. Two sets of 1-2 waves could be placed, providing an early projection of price pathway to about $2.72 for circled wave 5. This pathway suggests STEEM will soon break out of the handle formation to the upside, and back above long term support/resistance.
Alternatively, if STEEM breaks $1.21, it could head down to the lower bound of the handle around $0.80 before breaking out.
Going back to a longer range view provides a possible path to $20 or so.
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