Steem Dollar (SBD) Analysis: A Breakout Usually Follows this Complex Combination Correction
Steem Dollars (SBD) has been correcting in a complex wave count as shown by the blue wxyxz or an ABC as there are almost always more than one way of counting. Given near vertical run SBD had in it's prior impulse, the deep retracement could still morph into a price rounding formation. This would mean an extended sideways action. However, if the blue Z wave is complete, the at the very least, a bounce can be expected.
The reason why wxyxz was selected was becuase the correction is really a complex combination with the final z wave counting as an abcde triangle. Price is very proximal to the apex and the waves seem complete. A breakout usually comes next.
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