STEEM Could Correct to $1.42

SUMMARY

STEEM broke out not only in price but also in MACD as can be seen in below chart. The abcde waves of the wedge were complete and a price surge allowed the breach of the upper blue trend lines. While there is a scenario for a lower low even with this breakout, a genuine impulse up can be started.

The microwaves show a five wave impulse up except the blue wave 5 is extended. The current correction seems yet to be another downward wedge currently labeled as abcde (white). Wave e is expected to be around $1.41 to $1.62 or so. It could go as low as the prior wave 2 (blue) given the extended 5th. For now, let's see if this minor correction stays within the boundaries of the wedge contracting lines.

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