ASX: BLOCK INC. - SQ2 Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

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: BLOCK INC. - SQ2 1D 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 

(Click on image to enlarge)

ASX: BLOCK INC. - SQ2 4-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

(Click on image to enlarge)

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.

More By This Author:

Tata Steel – Elliott Wave Technical Analysis
Euro Stoxx 50 Index Elliott Wave Technical Analysis 4
Corn Commodity Elliott Wave Technical Analysis - Thursday, September 19