SUMMARY

STEEM has been traveling between two parallel lines as shown in below chart. This downward pointing pattern is called a bull flag. Why is it bullish? As price starts from the top and steadily declines within the boundaries of two paralle lines, the sellers are getting depleted. When sellers get depleted; there comes a point where the buyers get the upper hand and cause the price move up. IF this is correct and the bull flag breaks out, then the blue impulse waves could lead to the completion of the fractal.

The closeup shows the wxyxz (blue) complex sequence of waves. This is confirmed by the subwaves of each which consits of red abc three waves. Could the price dip one more time towards the lower white line? Yes, so what is needed as next is for price to breach above the upper white line and start impulsing.

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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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