Modeling STEEM - 3 May 2018 - Holding The April Fast Track
The model shows that STEEM has risen into the final edge of the Extended Fall Channel only to be rejected and sent back to the lower rail of the April Fast Track.
The full model shows a new Peak Resistance line (red) and a separate set of upward forces (black). I left the black forcelines on this model to show simply that there are many forces ating on Price continually. Both the black forces and the blue forces are real on the model, the blue forces appearing near the ICO and the black forces appearing this past January as Price rallied strongly. It's possible that at some time these two forces will combine into one force along either the black or blue slant.
Zoomed In
Price appears to be trying to stay within the Fast Track set in April. If Price continues to follow the double-peak falling channel (magenta), a new Control Line will appear. My guess right now is that if this happens, the new Control Line will lead Price back down to the New ST0.
Even without a completed fall channel, there is a reasonable chance that Price will have to work its way through a Wedge defined loosely by ST0 and the Peak Resistance line. If so this wedge will be resolved sometime near the first of June.
To learn about Lines Of Force CLICK HERE
To see my previous post modeling STEEM 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.
Join The First FREE And Friendly Voting Service! Join Now! steem.link/inc