Steem’s goal: 0.013 STEEM/BTC. Correction seems finished, growth by 7 times is expected. Elliot Wave Analysis [2].

Here’s a brief analysis of the Steem rate with the aid of the Elliott Wave Principle’s fundamentals, which we have learned HERE.   

So, what is the situation like? We are getting ready for going “To The Moon”. The initial rush of interest in Steem is fading, which means that soon there will be no sellers anymore. We have to expect an end of the correction, a reverse, and a new upward impulse. Don’t forget that the market is irrational, and it will reverse exactly at the moment when most traders are sure that the market will continue to decline.    

The goal of the impulse is calculated in the following way:

• Take the first wave [1] from its minimum to its maximum, write down its value.  
• The total correction [1] of the wave is decomposed into 3 components: [A], [B], and [C]. Wave [А] is an impulse, it always consists of 5 waves. We have to go down to a more detailed timeframe and to distinguish all the 5 waves there. Wave B is a zigzag, but there can be various types of structures. Wave С is an impulse, which spreads downwards (i.e. against the main trend). There can be elongations of Wave C for rather a long time, but the main thing here is that the wave structure is completed, or almost completed already. We take the current course of Wave [C] as the zero reference point.  
• The goal [3] is calculated as the amplitude [1] of the wave multiplied by 1.618 (this is Elliott's rule, where 1.618 is a Fibonacci number) plus the zero reference level taken as the current course of Wave [C]. It follows that Goal [3] = ~ 0.0138 STEEM/BTC. 
  
  

This all means that if Wave C is completed, then the next Wave 1 of (1) of [3] will be a lead-in one, on the correction of which traders can enter the market, expecting growth by ~7 times. 

Do not forget to use specialized indicators to search for reverse points (MACD, RCI,..), and also to set the stop-loss. The trading strategy on the basis of Elliott Wave Analysis (EWA) is different from those based on market interpretation with the aid of technical indicators. In EWA, the wave structure gives a general idea of the expected market move, and the indicators are used only to search for entry points. If the wave structure has been decomposed correctly, a EWA trader, after entering the market, will not exit until the goal has been achieved, or until the stop loss has been hit. Professional EWA traders win up to 70% of the trades, and when they win it’s always MUCH. Trading with the use of EWA – this is top performance.          

P.S.: Everyone is responsible for their own money. Do not take the decision to enter the market, if you do not understand what is happening. Need note, that EWA can help to find good chance for enter to the market, cause give full understandable imagination about what real happen. EWA bad works by time, but good by levels. We can stay around this price 1.. or may be 2 months, and this is not problem, cause wave structure seems completed. This analysis not instruction for trading. This all just for show how works EWA and show that fundamental analysis just a little game, which dont have real bases.