$SUI Trading Setup:
.
.
.
.
Stop Loss (SL): $0.92
Buy Point (BP): $0.99 (current price)
Take Profit (TP): $1.07, $1.11, and $1.22
This setup allows for potential gains while managing risk below the $0.93 support level.
SUI recently completed a 5-wave move to the upside, reaching a high of $1.12 on August 12th. Afterward, a pullback began, hitting the 38.2% retracement level, with a trend line break signaling its start. This presents a trade opportunity as the support region was tested and held, suggesting another test could offer an entry point. While it's possible wave 2 has bottomed, the current rally seems corrective, with only 3 waves up so far, not enough to confirm the correction's end. The focus is on the micro structure, watching for either a 4th or 5th wave to unfold. If $0.93 holds, higher prices are expected with resistance at $1.07, $1.11, and $1.22. However, a break below $0.93 could indicate that wave B has topped, potentially leading to a test of the trend line and a drop to the $0.80 level.
