As of this writing, Sui is the 13th largest cryptocurrency with a market cap approaching $9B. We won’t delve into what Sui does, since they all claim to be the future of finance, money and the internet or something, yet 17 years after Satoshi launched the crypto revolution, hardly anyone uses it for anything but speculation. So, we’ll instead focus on just that and see if there’s a reliable Elliott Wave pattern on Sui’s charts. The search didn’t take very long.
Similar Elliott Wave setups occur in the Forex, commodity and stock markets, as well. Our Elliott Wave Video Course can teach you how to uncover them yourself!
The 4h chart of SUI reveals a textbook five-wave impulse to the upside from $1.72 to $4.30, marked 1-2-3-4-5 in wave A. Wave 1 was a leading diagonal, while wave 4 was an a-b-c expanding flat correction, whose wave ‘c’ was an ending diagonal. The pattern was then followed by a w-x-y double zigzag correction down to just under $2.30 in wave B.
According to the Elliott Wave theory, once there is a complete 5-3 cycle in place, the trend resumes in the direction of the impulsive sequence. In the case of SUI, this means that we can expect another notable rally in wave C. It is supposed to exceed the top of wave A, putting upside targets near $4.50 within reach for the bulls.
In our Elliott Wave PRO subscriptions we provide analyses of Bitcoin, Gold, Crude Oil, EURUSD, USDCAD, USDJPY and the S&P 500 every Sunday and Wednesday! Check them out now!
