From its bottom set on April 1 at 1.32, STEEM has been on a nice stair-stepping tear throughout April, more than doubling in price since then.
On our model we see Price has reclaimed its place on the positive side of LT1 after finding a solid support on LT0 April 1st. As expected, the Short Term force lines reappeared once that support was found. A new ST0 was established, although it was not tested.
Price has marched smartly out of and away from the Extended Fall Channel, establishing a Fast Track which led to the recent denial near the furthest EFC Outlier. It's slightly possible that a new EYE may form from the upper two Outliers, but I have my doubts about that right now.
Lines Of Force is a method of modeling post-peak price movements over time to aid in analyzing risk. It is not a method of predicting the future, even though there are artifacts in each model that appear to imply that it does this very thing.
What it does allow is a reasonable idea of where price might appear. At some times that indication is more certain than at other times, but in every instance please remember: indications are not guarantees.
To learn more about the method I use CLICK HERE
To view the prior evolution of this model CLICK HERE
NEVER TRADE YOUR MONEY BASED ON MY WORK OR ANY WORK OTHER THAN YOUR OWN. MY WORK LOOKS AT PRICE AND PRICE ACTION OVER TIME AND IS FOR ENTERTAINMENT PURPOSES ONLY.
NO TECHNICAL INDICATORS. NO FUNDAMENTAL ANALYSIS.
IT'S YOUR MONEY. PROTECT IT.
