SUI/USDT - Wave 5 Bullish Setup

📈 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! 🚀🔥