<h1>The Future For STEEM Price</h1>
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<h2>2017 History</h2>

I've compared the correction from last summer with the current one and I see some similarities that are worth to take a look at. The previous correction was a standard ABC and the C wave was very extended and long in terms of time. Also worth to note is the support level STEEM found at around 80% retracement level. And that's also where it began a new set of impulses.

![Screen Shot 2018-03-08 at 16.46.05.png](https://steemitimages.com/DQmcLd8ioPtgZWZevyGQ8eRpzchoKNW8t57eUzESU5FzsVb/Screen%20Shot%202018-03-08%20at%2016.46.05.png)

<h2>Scenario 1</h2>
This correction is currently at 78% and we are nearing the end in terms of price if this scenario is correct. I've extrapolated a long term target based on fibonacci levels and I think we can reach $30 by the end of the year or so. 

Arguments that confirms this scenario:
✅ Previous correction ended at around 80%
✅ Looks like a 3-3-5 ABC correction and we're at the last wave
✅ At a macro perspective, we're in the 2nd subwave within the 3rd impulse wave which means that the correction likely won't be that long.

![Screen Shot 2018-03-08 at 19.01.23.png](https://steemitimages.com/DQmQ3dovEjYUqzhfnmhz7Uuwgvs36MZnAxSrniMoHgbEw6R/Screen%20Shot%202018-03-08%20at%2019.01.23.png)

![Screen Shot 2018-03-08 at 17.33.31.png](https://steemitimages.com/DQmeX2VtC6mPdug2JsqVRpB9qaN99fihgFmHjSKVu71u3CX/Screen%20Shot%202018-03-08%20at%2017.33.31.png)

<h2>Scenario 2</h2>
This scenario has the same long term target but will take a lot longer. This prediction is claiming a longer correction similar to the one we had after the 2017 summer peak. It's not so likely that we're gonna go much lower in price, but the ABC is more stretched out in terms of time so we will probably see a price jump before heading down again. A scenario that would invalidate this prediction is if the price moves higher than the last peak at $9.

Arguments that confirms this scenario:
✅The set of impulse waves are pretty similar to the ones we had last summer so there's merit to seeing a similar correction as well. 
✅The 5th impulse wave is extended and that usually means longer corrections according to Elliott Waves principles.

![Screen Shot 2018-03-08 at 17.15.10.png](https://steemitimages.com/DQmaq6bouk8aaJvjErzPNCvupVwERKEYghhaqEakxK6kXMm/Screen%20Shot%202018-03-08%20at%2017.15.10.png)

![Screen Shot 2018-03-08 at 19.29.43.png](https://steemitimages.com/DQmVdoVRy6md8kpNFrBnF4U4fs6MkwQsgqn6ZZa72kwiM9M/Screen%20Shot%202018-03-08%20at%2019.29.43.png)

What are your thoughts about the STEEM price and fundamentals? Would love to hear what you think!

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<i>Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.</i>