Block, Inc - XYZ (SQ2) Elliott Wave analysis and Elliott Wave technical forecast [Video]

ASX: Block, Inc - XYZ (SQ2) Elliott Wave technical analysis

Today's Elliott Wave update covers BLOCK, INC - XYZ (SQ2) on the ASX. According to our analysis, the stock appears to have recently finished wave 1) in orange. It is now retracing to the major support level near 80.00 through wave 2) in orange. This movement sets the stage for a potential upward advance in wave 3) in orange.

ASX: Block, Inc - XYZ (SQ2) one-day chart (semilog scale) analysis

• Function: Major trend (Intermediate degree, orange).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave 2) - orange.

Details:

It looks like wave 1) in orange has just wrapped up. We are now seeing a corrective phase begin with wave 2) in orange trending lower. This wave is likely targeting the 80.00 support level. We’ll be watching closely for signs that wave 2) in orange has completed, which would signal a potential opportunity to enter a long trade setup for wave 3) in orange.

• Invalidation point: 61.42.

ASX: Block, INC - XYZ (SQ2) four-hour chart analysis

• Function: Major trend (Intermediate degree, orange).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave 2) - orange.

Details:

The 4-hour chart aligns with the 1D chart in outlook. Wave 1) in orange appears to be complete, and wave 2) in orange is progressing downward. It's likely moving toward the 80.00 support level. We’ll assess market conditions for the end of wave 2) in orange to prepare for a potential long setup targeting wave 3) in orange.

• Invalidation point: 61.42.

Conclusion

Our analysis of ASX: BLOCK, INC - XYZ (SQ2) delivers a concise forecast based on the Elliott Wave framework. The update identifies key support levels and wave formations to watch. We aim to equip readers with actionable insights and validation levels to support strategic trading decisions. These points help validate or challenge our wave analysis, ensuring a reliable and objective market perspective.

Block, Inc - XYZ (SQ2) Elliott Wave analysis and Elliott Wave technical forecast  [Video]