The long term for Steem is also shown (in blue). A Daily candle close below the can help to further accelerate the sell off in STEEM.
POI= Point of invalidation which would make this trade set up invalid.
The current setup provides a risk/reward ratio of ~4:1.
The target (also marked on the chart) is calculated based on wC = 138.2%wA, which is an acceptable projection for the wC of an expanded flat
Waves awaiting completion are also shown on the chart