SUMMARY
After a vertical move up from $2.17 to $8.95; a correction is taking place. A Zig Zag correction in the form of 5,3,5 waves could be playing out. It wasn't more than a few weeks ago when STEEM was sub $1 when I had recommended it. This is a healthy correction; deeper than expected as it might be. This is when that 10% to 15% of portfolio held as cash comes into play. It allows one to go out an bargain basement shop!
The Zig Zag correction has completed the a and b waves and is in the latter end of the c wave correction. The MACD is also indicating that oversold territory is being approached. Since c waves always have five subwaves, I've labeled the likely zones. Wave 3 could be in progress with wave 4 and 5 still to be.
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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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.**