$SUI has seen a breakdown move from the high we made at $4.30 in a move that completed a rally in an Elliot wave 1. I have been expecting a pullback in wave 2.
Targets for the wave 2 we between the fib level 0.382 and 0.786 that is between $3.3112 -$2.2686. We have now seen a retrace into that area and now seeing a reaction in that area. There is a chance that the low is in and rally is now imminent in a wave 3.
A break above $3.7546 and a reclaim of $4 will be a confirmation that the wave 3 is getting started. Alternatively we could lower to fully maximize our target area for the wave 2. That means we could pullback to $3.0 and 2.8 as the next targets.
