SUN : Should Bounce Before Continue Correcting Lower

Sunoco LP (SUN) together with its subsidiaries, distributes & retails motor fuels in the US. It operates in two segments, Fuel distribution & Marketing & all other. The company is based in Dallas, TX, comes under Energy Sector & trades as “SUN” ticker at NYSE.

SUN made an all time low at $10.46 in early 2020 & later traded higher as impulse sequence. It ended impulse wave I at $46.95 high & below there, it favors a correcting lower in II before upside resumes.

SUN – Elliott Wave Latest Daily View : 

It started impulse sequence since 3/18/2020 low & placed ((1)) at $27.48 high on 6/05/2020. It favored ended ((2)) at $22.52 low as shallow correction. Above there, it placed ((3)) at $42.57 high on 10/15/2021. It placed ((4)) at $36.81 on 12/15/2021 as 0.236 Fibonacci retracement. It ended ((5)) of wave I at $46.95 high on 2/02/2022 against March-2020 low as impulse sequence. Below there, it favors correcting lower in wave II.

Below wave I high, it placed ((W)) at $34.26 low as the part of double correction. While above there, it favors a corrective bounce in ((X)) leg & expect sideways to higher to finish it below $46.95 high as connector. Later it expect to resume downside in ((Y)) leg to finish II correction. Alternatively, it may unfold in flat correction to finish wave II before upside resumes.