The analysis discusses the SEI chart, suggesting it might have bottomed out in April within a B wave formation. The speaker acknowledges both bullish and bearish scenarios, but notes the absence of a high-probability setup at the moment. There's a potential B wave pullback forming within the white scenario, aligning with a bullish outlook for SEI. The analysis emphasizes the importance of Fibonacci support levels. Should these levels fail to hold, the bullish idea targeting $1.50 would need revision. The analyst expresses a lack of clarity on smaller timeframes. The chart is not reliable due to it's fragile structure.