SUMMARY
I am ever more bullish on STEEM! My $14 target still stands and remains solid! I see STEEM as the Double Chalice of Wealth. The below chart shows the double bottom; and one might wonder exactly how low the current ongoing correction might go. Would it be a crash scenario? Would it be a short time until STEEM moves up again?
I combine chart pattern recognition to help enhance discernment of probable price pathways. The below is an a,b,c,d,e triangle and price thus far has been moving well within the upper and lower boundaries. As a triangle is contracting and price progresses; the decline in volume is expected to continue. The triangle almost as good as the WXYXZ complex correction in allowing time consumption. IF the trajectory of the remaining D and E waves are close, then $3.34 could mark the E wave at around February 24th or so. The bottom purple line needs to hold.
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
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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