SUI Market Analysis – Fifth Wave Rally in Progress
SUI is currently exhibiting strong bullish momentum as it potentially confirms a fifth wave structure, aligning with classic Elliott Wave Theory. A key micro one-two setup already played out, initiating from the $3.24 level (the 61.8% golden ratio retracement), leading to a sharp third wave move – typically the most impulsive.
Current Price Action:
Support Zone (Wave 4 Base): $3.19 – $3.32
Recent Resistance Zones: $3.70 – $3.80
Next Target Zone (Wave 5 Projection): $4.20 – $4.30
Technical Observations:
A clean five-wave structure is forming.
The third wave has met minimum criteria (1.382 extension at ~$3.71).
Wave four pullback may occur anytime; a potential support zone for this correction is around $3.00 – $3.30.
Wave five likely pushes price towards the $4.20–$4.30 area.
Trading Plan:
Entry:
Ideal re-entry after a confirmed wave four correction: $3.10 – $3.30
Aggressive entry (if breakout above $3.90 is confirmed): $3.91+
Targets:
Target 1: $4.20
Target 2: $4.30
Stop Loss:
Below wave 2 base: $3.00 (more conservative)
Tighter SL (if re-entering above $3.90): $3.70
Risk Management Tip: Consider scaling in using a DCA approach if entering during a pullback, and monitor volume and candle confirmations around support/resistance.
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