$SUI – Elliott Wave Breakdown & Key Retracement Levels

$SUI just completed a clean 5-wave impulsive rally, peaking around $4.20. This move suggests strong bullish momentum, but also signals that a corrective ABC wave could be underway.

Here’s the breakdown:

Impulse wave (1 to 5) launched from sub-$3.00 and peaked at ~$4.20.

Now entering a corrective phase, typically unfolding as an ABC structure in Elliott Wave Theory.

Based on Fibonacci projections for wave (c), here are key levels to watch:

0.618 Fib: $3.6880 – a mild correction, often seen in strong uptrends.

1.0 Fib: $3.5005 – represents equal length from wave (a), a common ABC completion.

1.618 Fib: $3.1971 – deeper correction if sellers gain control.

We’re likely to see a short-term pullback. But if price reacts positively at any of these levels (especially $3.50–$3.20), it could set the stage for the next leg up.

Watch these zones for confirmation before positioning. A bounce with volume = potential long. Breakdown below $3.20 = caution.