I can confirm a correcting wave has formed and in my opinion, it can rise to Fibonacci resistance level 2 or maximum 3, as mentioned in below chart as R2 and R3, in Fibo column.
after finishing this correction wave, we should expect another fall to complete the bearish market we are in, or seeing a reversal in the trend, which I see unlikely but possible.
What I hope for, is a strong reversal instead of weak momentum for just gaining back some of the massive losses STEEM has made against not only USD, but more importantly versus BITCOIN and other altcoins.
I hope for it as it resumes the rank STEEM had in cryptocurrency market cap chart and even climbing up to the top 10.
This is not a financial advice and I'm not a financial adviser. I just express my thoughts on the market based on very limited experience I have about chart analysis and behavioural economics to have your comments and feedbacks to learn more from you.