Greetings, here is our take on SUI from an Elliott Wave point of view.
Sui is potentially forming a multi 1-2 set-up on the higher timeframe which is very bullish if it holds support and breaks out to the upside. Currently we assume that we are forming the green Wave 2 as red ABC. The 1 to 1 FIB target for Wave C is at 3.0733 USD which also is close to 3 USD which is a psychological level. Further targets are the 1.382 FIB at 2.7324 USD and the 1.618 FIB at 2.5410 USD.
The green Wave 2 support area is between the 0.5 FIB at 3.1925 USD which we touched today and the 0.786 FIB at 2.6424 USD. A break below this area suggest a reset of the white Wave 2 or something more bearish. If this set up hold we are looking to see a strong Wave 3 rally afterwards which would take us to a new ATH.
Thanks for reading.
NO FINANCIAL ADVICE.
Sui is potentially forming a multi 1-2 set-up on the higher timeframe which is very bullish if it holds support and breaks out to the upside. Currently we assume that we are forming the green Wave 2 as red ABC. The 1 to 1 FIB target for Wave C is at 3.0733 USD which also is close to 3 USD which is a psychological level. Further targets are the 1.382 FIB at 2.7324 USD and the 1.618 FIB at 2.5410 USD.
The green Wave 2 support area is between the 0.5 FIB at 3.1925 USD which we touched today and the 0.786 FIB at 2.6424 USD. A break below this area suggest a reset of the white Wave 2 or something more bearish. If this set up hold we are looking to see a strong Wave 3 rally afterwards which would take us to a new ATH.
Thanks for reading.
NO FINANCIAL ADVICE.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.