🐒 If you look at the Steem / USD I feel it gives a better picture of what is taking place In the Steem market. On the chart below we can see the high Steem price was on July 20 , 2016 at $4.59 and the low $0.07 on March 16 , 2017 . We also see the most recent high on June 9 , 2017 of $2.79 and the current price of $1.48
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🐒 In chart #2 lets have a look at a possible scenario of an Elliott Wave Theory playing out . Wave 1 went from a low of $0.07 to a recent high of $2.79 that is a distance of $2.72 then went down to a recent low of $0.88 to possibly end wave 2 down. If the $0.88 is the bottom of Wave 2 then the Elliott Wave Theory states a Wave 3 up should go 1.61 X the distance of Wave 1 added to the bottom of Wave 2. Wave 1 distance up was ( $2.72 X 1.61 = $4.379 ) + $0.88 Wave 2 bottom = Wave 3 Target price of $5.25
CHART # 2
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