Technical analysis of the steem rate on the basis of the Elliot waves. Or why I would still refrain from purchasing for a while, buy would buy in a longer perspective.

So looking at the hourly chart in the Poloniex exchange, one can see the two main things.

The first one that catches the eye is that the price is in the second global wave (red figures), and in the near future one can expect the third of growth, but when?

Then, when the second corrective wave will make the fifth subwave below (black figures)..

Conclusion

I think, if one buys, one should wait for a price sink in the fifth wave (they are sometimes long and short); this is where the problem lies.

The price may fall both to 0.002 BTC and even to 0.001 BTC, and here I would think about buying in the third global wave of growth owards 0.01 BTC.