📈 Timeframe: 1W (Weekly)
🔍 Targeting $7 - $11+ in Wave 5!
🔎 Elliott Wave & Fibonacci Analysis
SUI/USDT appears to be in a Wave 4 correction, setting up for Wave 5 expansion. The analysis is based on Elliott Wave principles and Fibonacci retracement/extensions.
📌 Elliott Wave Count
1️⃣ Wave 1: Initial impulse move up.
2️⃣ Wave 2: Retracement and accumulation phase.
3️⃣ Wave 3: Strongest rally, forming the peak.
4️⃣ Wave 4: Current pullback, possibly completing soon.
5️⃣ Wave 5: Expected bullish breakout, targeting key Fibonacci extensions.
Wave 4 correction seems to be holding near the 0.382 Fibonacci retracement ($3.02).
If this support level holds, we expect Wave 5 to extend towards $7.07 - $10.92.
🔹 Fibonacci Retracement & Extension Levels
Level Price (USDT) Role
0.382 Fib Retracement $3.02 Key support (Wave 4)
0.5 Fib Retracement $1.99 Deeper correction (Invalidation level)
0.382 Fib Extension $7.07 First target
1.236 Fib Extension $8.11 Mid-target
0.618 Fib Extension $10.92 Final target
🔸 Support & Resistance Key Zones
Immediate support: $3.02 (0.382 Fib)
Strong resistance: $4.50 - $5.00 (local highs)
Final resistance: $10.92+ (0.618 Fib extension)
📊 MACD & RSI Confirmation
MACD (Momentum Analysis)
✔️ Bearish crossover occurred during Wave 4 correction.
✔️ A bullish crossover on MACD would confirm Wave 5.
✔️ MACD Histogram Shrinking → Selling pressure reducing.
RSI (Relative Strength Index)
✔️ RSI currently at 54.81 → Neutral (Not Overbought)
✔️ No overbought conditions → Room for further price expansion.
✔️ Possible bullish divergence forming → Stronger confirmation for Wave 5 rally.
🎯 Trade Plan
📥 Entry Strategy
✅ Entry Zone: Above $3.02 (0.382 Fibonacci level).
✅ Confirmation: Bullish engulfing candle or MACD crossover.
🎯 Take Profit Targets
1️⃣ Target 1: $7.07 (0.382 Fib Extension)
2️⃣ Target 2: $8.11 (1.236 Fib Extension)
3️⃣ Final Target: $10.92+ (0.618 Fib Extension)
🛑 Stop Loss
❌ Stop Loss Below: $1.99 (Invalidation level).
🚀 Bullish Confirmation Signals
☑️ Price holding above $3.02 (0.382 Fib retracement).
☑️ MACD bullish crossover (pending).
☑️ RSI maintaining above 50+ (not overbought).
☑️ Increased volume on breakout.
📌 Summary & Expectations
🔸 Bullish Scenario: If price maintains above $3.02, we anticipate a breakout into Wave 5, targeting $7.07 - $10.92+.
🔸 Bearish Risk: If price breaks below $3.02, we could see a deeper correction to $1.99 before a reversal.
🚨 Risk Management: Always manage risk properly. Use stop losses and adjust position sizing accordingly.
📊 Trade with confidence, and let's catch the Wave 5 move! 🚀🔥
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.