STEEM Dollar (SBD): A Symmetrical Triangle Pattern

SUMMARY

STEEM Dollar (SBD) could be patterning out an ABCDE correction via a symmetrical triangle. The below chart shows two pathways; a D wave breakout (blue) or an E wave breakout (white). Just because the pattern is a triangle, it doesn't mean there must be 5 waves. Cryptos have a personality trait of breaking out on the D wave about 1/3 of times; similar to what ETH and BTC have done.

Now, the volume has been declining to almost a trickle. This confirms the triangle pattern. Could it trickle through the weekend and complete the E wave? Yes. However, the MACD is still moving under intense pressure put on by the ever so narrowing symmetrical triangle lines of its own. Patience and awareness are keys to any traders success!

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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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