This is difficult, but I think the count is still correct. I think STEEM is in a complex correction and we will see one final wave down.
It looks like a corrective move, but the fact that it is taking soooooo long (more than 5 days now) reduces that probability slightly.
EW is all about probabilities and repeating patterns. I would give this final move down still a chance of 70%.
But I am not entirely confident in this drop anymore:
There is a chance that the move down is already completed and that I misscounted the last wave.
How will we know?
It will take some time until we confidently know that there won't be a final drop.
It depends a little on BTC. If BTC jumps higher soon as I expect it to, the drop in STEEM will be more likely than it is now.
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If you think this to be useful information:
DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)
I think the correction has ended and the price will steadily rise in the days to come. Only time can tell, so I will wait until a clear bullish pattern before purchasing.
Great analysis, thanks!
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This is the TA! You have 50% chance to find it out. Next time when you feel confident don't shout "Last chance to buy so cheap steem?" at $1,50. Funny!