BLOCK INC. – SQ2 is currently being analyzed using Elliott Wave technical analysis on the Australian Stock Exchange (ASX). The analysis focuses on identifying trading opportunities based on the unfolding waves within the stock’s price movements. The analysis indicates that wave ii-blue is expected to push lower before wave iii-blue pushes higher, presenting a potential trading opportunity for investors.
The analysis is conducted on both 1D and 4-hour charts, providing insights into the major trend (Intermediate degree, blue) and minute degree (green) respectively. The structure of the waves is identified as an impulse, with wave 3-red of Wave (3)-blue expected to push higher in the short term. The analysis also includes specific details such as the invalidation point at 103.84 and the potential for wave 3-red to significantly increase confidence if it rises above 122.67.
On the 4-hour chart, wave i-blue is identified as currently unfolding, with wave 2-red expected to unfold as a Double Zigzag before wave 3-red pushes higher. The analysis suggests that wave i-blue may be nearing completion, allowing for wave ii-blue to unfold before wave iii-blue returns to push significantly higher. Traders are advised to monitor BLOCK INC. – SQ2 closely for trade setups as wave ii unfolds.
In conclusion, the analysis offers readers insights into the current market trends and how to capitalize on them effectively using specific price points as validation or invalidation signals for the wave count. The analysis aims to provide an objective and professional perspective on market trends, enabling investors to make informed decisions. The technical analyst, Hua (Shane) Cuong, CEWA-M, provides a detailed analysis of BLOCK INC. – SQ2, offering a comprehensive view of the stock’s potential movements.
Overall, the Elliott Wave technical analysis of ASX: BLOCK INC. – SQ2 provides investors with valuable information on potential trading opportunities based on wave patterns and price movements. By following the analysis closely and monitoring for trade setups, investors can make informed decisions to capitalize on market trends effectively.
