Steem appears to be in a primary wave C position that is the last leg in an expanded flat Elliott Wave Structure. The long term trendline for Steem is also shown (in blue). A Daily candle close below the trendline 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
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SteemBTC is approaching the target area mentioned (i.e. 0.00026681)when this analysis was initially carried out. Lines of support can also be drawn on the chart that shown that the target area is a likely target for SteemBTC. 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