📉 $SUI – Elliott Wave & Correction Outlook
The current structure on the 1Hr chart shows a completed 5-wave impulse, with Wave (5) peaking near the $3.35 level. This indicates a potential trend exhaustion, and what we’re seeing now is the early phase of an A-B-C corrective pattern in progress.
🔎 Here’s the breakdown:
✅ Impulse Waves (1 to 5):
Classic upward Elliott Wave movement, showing strong bullish momentum — especially in Wave (3) and (5), where buyers were clearly in control.
Now entering Wave C — typically the final leg of a correction. Based on Fibonacci measurements, here are the key levels to watch:
📌 0.618 fib extension: $3.1838
A common target if the correction is shallow. Often signals a strong market that might resume the uptrend soon.
📌 1.0 fib extension: $3.1167
A deeper correction, likely to act as a stronger support zone. A bounce from here could kick off the next impulse.
🧠 What to look for next:
If #SUI holds above $3.18 and forms a reversal structure, bulls may step back in early.
If $3.11 breaks, expect lower levels or extended consolidation.
💡 Conclusion : We’re in a healthy corrective phase after a strong move up. Watch how price reacts at support zones — could be a great buy-the-dip opportunity if trend resumes.
