Transcription
Hello and welcome to another update on SUI. I'm tracking here the daily chart, uh, daily SUI time frame chart, and, um, we've seen that continuation, yeah, of the downtrend that we've already been tracking.
Um, for those of you who've been following the work over the last few weeks, even months, you guys know that the expectation was for a wave four bounce to unfold into resistance. Quick educational moment. The price got rejected exactly at the key target for a fourth wave bounce, which is in this case at $1.95. It's the 38.2 retracement. That really is an ideal target for a fourth wave. Price got rejected there, started the fifth wave decline. We've already, we've already now fulfilled minimum expectations for this fifth wave to the downside because the price broke below the swing low from the 21st of November. So technically, if we now turn around to the upside, then technically the low might be in in wave five. However, um, at the moment, it doesn't look like it yet.
Um, we would need an impulsive upside move, and also across the sector, we are likely going to see some further downside as, for example, on the Bitcoin chart, on the Ethereum chart, Solana, and so on. But yeah, SUI technically has fulfilled downside expectations. What I said though is, is likely we're going to see this area between 91, 12 cents, and $1.7. That would indeed be ideal. So I'd say we'll now take a look at the micro structures.
Um, remember this orange trend line here. You will see that on the smaller time frame as well. And it's just important to recognize here what's going on because on the smaller time frame, we can see this orange trend line hold on as well. And it's very much possible that we are moving up again to retest this trend line from below. The trend line is currently coming in around $1.36. But pressure is still downward, and the market could still continue to move lower, possibly in a five-wave sequence. Wave one, wave two, wave three, wave four, wave five in a five-wave decline towards the 91, uh, sorry, 99 cent to $1 area. I already shared with you on the larger time frame the larger degree, uh, targets.
Um, but here, the, um, micro structure allows for the interpretation of an ABC structure. There are certainly other scenarios that could be playing out here on the nano degree, but either way, we have a resistance area, and as long as the market now stays below the $1.42 level, which is the 78.6 retracement of the current decline, the pressure is pointing to the downside. And this could be a B-wave top that formed there on Monday, the 26th. We could be in a C-wave decline to $1. That's currently how I view the SUI chart. Hope you like the update. If you did, please hit the like button, leave a comment, and subscribe. And if you're interested in additional updates, then check out our X channel. I leave a link in the comment section. Thanks so much. Bye-bye.