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
The support lies between 0.00024918 and 0.00019638. Should Steem hold around the region of support. It could possibly lead to the resumption of an impulse move upwards in SteemBTC or a 3wave move back upwards. Either scenario calls for a long position in Steem