Block Inc. Elliott Wave technical forecast [Video]

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with BLOCK INC. – SQ2. We are seeing a potential bullish opportunity with wave (iii)-orange of wave ((iii))-navy.

ASX: SQ2 one-day chart (semilog scale) analysis

Function: Major trend (Minor degree, gray). 

Mode: Motive. 

Structure: Impulse. 

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

Details: The ((iii))-navy wave looks to be unfolding to push higher, while price must remain above 91.11 to maintain this view. I will look for a Long Trade Setup once we have support at the Major Level 100.00. 

Invalidation point: 91.11. 

ASX: SQ2 four-hour chart analysis

Function: Major trend (Minor degree, grey). 

Mode: Motive. 

Structure: Impulse. 

Position: Wave (i)-orange of Wave ((iii))-navy. 

Details: From the low at 86.75, wave 3-grey is unfolding to push higher, which itself subdivides into wave (i)-orange of wave ((iii))-navy. Basically, wave (i)-orange could push a little higher, then wave (ii)-orange should come back to push lower, and finally wave (iii)-orange of wave ((iii))-navy could come back to continue pushing higher. I would look for a Long Trade Setup on support from the Major Level 100.00. 

Invalidation point: 91.11.

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]