STEEM Update: Zig Zag (5,3,5) & MACD Approaching Oversold

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·@haejin·
0.000 HBD
STEEM Update: Zig Zag (5,3,5) & MACD Approaching Oversold
<center>![](https://steemitimages.com/DQmdUehoNd8SfhoAUaZjC1DssNfWLjNaTvEhQvmTNRvCfG5/image.png)</center>
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**SUMMARY**

After a vertical move up from $2.17 to $8.95; a correction is taking place. A Zig Zag correction in the form of 5,3,5 waves could be playing out. It wasn't more than a few weeks ago when STEEM was sub $1 when I had recommended it. This is a healthy correction; deeper than expected as it might be. This is when that 10% to 15% of portfolio held as cash comes into play. It allows one to go out an bargain basement shop!

The Zig Zag correction has completed the a and b waves and is in the latter end of the c wave correction. The MACD is also indicating that oversold territory is being approached. Since c waves always have five subwaves, I've labeled the likely zones. Wave 3 could be in progress with wave 4 and 5 still to be.
![](https://steemitimages.com/DQmaV3q7gJZFxDuzKJyBi3xaZT7yrCRGscgZh1nWrKpbXV6/image.png)







Please consider reviewing these Tutorials on:
[Elliott Wave Counting Tutorial #1](https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-1-by-haejin)
[Elliott Wave Counting Tutorial #2](https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-video-2-zig-zag-and-flat-corrections-how-to-recognize-and-label-corrective-waves)
[Elliott Wave Counting Tutorial #3](https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-iii-how-to-label-and-apply-triangle-price-corrections)
[Laddering](https://steemit.com/bitcoin/@haejin/an-effective-buying-and-selling-strategy-laddering-a-tutorial-on-to-cast-a-ladder) and [Buy/Sell Setups](https://steemit.com/bitcoin/@haejin/when-to-buy-and-sell-using-elliott-waves-a-tutorial). 
[Laddering Example with EOS](https://steemit.com/bitcoin/@haejin/eos-target-usd3-22-analysis-update-live-real-time-laddering-example-you-don-t-want-to-miss-this)
[Tutorial on the use of Fibonacci & Elliott Waves](https://steemit.com/bitcoin/@haejin/tutorial-on-the-use-of-fibonacci-ratio-and-elliott-waves)
These Technical Analysis Books: [Elliott Wave Priniciple & Technical Analysis of Stock Trends](https://steemit.com/bitcoin/@haejin/n98sk-haejin-s-ta-book-recommendations-for-elliott-wave-and-chart-pattern-recognition) are highly recommended
[@haejin's Trading Nuggets](https://steemit.com/bitcoin/@haejin/haejin-s-trading-nuggets-all-learned-through-tonnages-of-failure-experiences)
[Essay: Is Technical Analysis a Quantum Event?](https://steemit.com/bitcoin/@haejin/essay-is-technical-analysis-a-quantum-event)

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