Hi everyone, Here is my Elliott Wave analysis of SUL.
Macro 2 month chart shows a primary third developing, forcefully started by the rona dip.
Generally speaking SUL price action can deliver some good short-mid term setups, but current PA waves-wise is a bit indeterminate.
Seems to be a shallow first to a minuette third, also implying it'll extend, or some dramatic combo in play.
Note this daily chart. Orange combo and pink corrective waves are alternate count.
Combos often form when the first corrective attempt (in this case, a zigzag from 12.89 to 10.15), occurs too quickly. Considering that -11% day on 10th Nov I think it's a real possibility.
Also considering the current minuette third/c wave is quite shallow. It either means this minuette third is going to extend heavily, and the current movement is an internal (subminuette) first, or it's a diagonal C wave of this entire minute degree X wave.
From here, a move below ~10.70 would invalidate the impulse and confirm a continued correction. Confirming an impulse would depend on internal waves. A corrective structure should occur now then move back past ~13.10.
NFA, DYOR.
SUL Price at posting:
$12.00 Sentiment: None Disclosure: Not Held
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