STEEM: A High Resolution Chart Microscopy Using Elliott Wave & Chart Pattern; Expected to Go UP! Next Short Term Target >$1.38
SUMMARY
STEEM is the Chalice of Wealth! My analysis expects this Gem to provide 14x current price and some. I show a high resolution chart-microscopy of STEEM using Elliott Waves & Chart Pattern Recognition Algorithm to identify probable price pathway.
The 30 minute time frame chart below shows circled blue waves peaked yesterday at around $1.11. Since Elliott Waves states that after five waves, a requisite three wave correction must take place, the chart also clearly has these waves marked as circled red a,b and c. The red circled c wave is also further labeled in detail with its five sub waves as shown by parenthesis white 1,2,3,4,5. Therefore, if these five subwaves of the red c wave is complete, then the requisite three wave a,b,c correction could be complete. The yellow waves 1,2,3,4,5 project a discerned price pathway up.
There is a chance that a smaller lower low could still be made as shown below. This changes little to none on the projected price pathway. It only requries an update of the subwaves of red wave c.
The chart below displays a longer term perspective. I always combine chart pattern with Elliott Waves. To that ened, note th bullish flag (parallel white lines). This pattern portends higher highs to come. The white waves 1,2,3 clearly outlines most of a complete impulse direction at a higher degree of trend.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial
Laddering and Buy/Sell Setups.
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
haejin thanks again! Your a real gentleman and your kindness is greatly appreciated! Seems to me over time steem eats facebook and youtubes lunch and goes to $50,000,000,000 marketcap!!!?
Thanks for sharing. You have a point.
Thank you for the update! been patiently riding steem for 2 weeks now waiting for the breakout point. have you had any chance to take a look at verge update?
Thanks Haejin,can you please do a analysis for Populous (PPT)
You say this for weeks mate. The power of the TA. :) Very funny.
How much money did You lose on Your "buy high, sell low" system?
You're reading peoples TA, You act on them impulsively, You're very impatient and nervous and You lose nerve on first significant dip, You sell, later on You're soooo angry when coins You sold move like projected in TA. You read some more TA, You buy something that's promised to give You 1000% gain and yet again, after a week or two, You sell.
This patter builds huge anger that should be directed inwards, but somehow, for You it's easier to direct it on guys doing TA.
Am I right?
I was this person and I lost a great deal of money acting on my fragile emotions. Haejin is the person that taught me to be calm. It still happens that I make stupid moves, but it's a lot better now.
Try and learn, correct Your mistakes, calm Your shaky nerves, then start earning.
Well said .being impatient is your greatest enemey in the cryptoworld.
The difference between us that I am not a believer. I just watch these guys and counting the good prediction. My conclusion is that they have 10 % success not more. When something positive happen then they are shouting the power of the TA and the power of the Elliot wave, but the most of the time when they give us "shit" prediction just the silence.
i'll be following up on your post. i've invested on steem. beaituful cup and handle in my opinion. this is TA vs naysaying lol
@attila73, if you are not a believer, what are you doing following it. EWC works 90% plus of the time. The only thing that throws newbies out is that it is hard to predict time frames, especially in cryptos which have a hurry up and wait syndrome. As said previously this leads to people like yourself selling low through impatience and then buying high due to FOMO. Do yourself a favour and buy the books haejin recommends and learn about it yourself before you knock it. Who knows you may even start to make some positive investments for a change :)
I used to be the same, haejins' laddering video was my first savior, I am slowly getting better, i think :P or at least I hope so.