BlackRock (NYSE: BLK) strong weekly breakout to upside [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

In our previous article, BlackRock (NYSE: BLK) was expected to continue the rally to the upside based on the bullish sequence created from 2022 low. In today’s video blog, we’ll go over the new development in the technical structure of the stock and we’ll explain the potential path based on the Elliott Wave Theory .

BLK cycle from 2022 low remains in progress showing 5 swings to the upside with the 3rd one being the shortest. Therefore, we can expect the stock to remain supported to the upside within a 9 swings structure to establish the main 5 waves advance in wave I.

The break above 2021 peak was a key moment for BLK weekly structure because it’s now showing an incomplete bullish sequence from all time lows. Consequently, investors are advised to keep buying the daily pullbacks in 3 , 7 or 11 swings.

The larger correction will only take place after the stock ends wave I and then it will be looking to find buyers again in wave II above $503.

BLK weekly chart 11.20.2024

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.