Block Inc. Elliott Wave technical forecast [Video]

Peter Mathers TradingLounge

SQ2 Elliott Wave technical analysis

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with BLOCK INC. – SQ2. We see SQ2.ASX having a slight decline with wave 4, and after it ends wave 5 will continue to come back to push higher.

SQ2 one-day chart analysis

Function: Major trend (Minor degree, gray).

Mode: Motive.

Structure: Impulse.

Position: Wave ((iv))-navy of Wave 3-grey.

Details: Wave ((iii))-navy has ended, and wave ((iv))-navy is unfolding to push slightly lower, after which wave ((v))-navy could return to push higher.

Invalidation point: 100.00.

SQ2 four-hour chart analysis

Function: Major trend (Minute degree, navy).

Mode: Motive.

Structure: Impulse.

Position: Wave ((iv))-navy of Wave 3-grey.

Details: Wave ((iii))-navy has completed as a five-wave labeled from wave (i) to wave (v)-orange. Now wave ((iv))-navy is unfolding to push lower, targeting targets around 107.66 - 104.29, after which wave ((v))-navy could return to push higher. While price must remain above 99.85 to maintain this view.

Invalidation point: 99.85.

Conclusion

Our analysis, forecast of contextual trends, and short-term outlook for ASX: BLOCK INC. – SQ2 aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.

Block Inc. Elliott Wave technical forecast [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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