BX: Expect short term weakness to continue before turning higher

Blackstone Inc., (BX) is an alternative asses management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt & multi-asset class strategies. The firm typically invests in early stage companies. It is based in New York, comes under Financial services sector & trades as “BX” ticker at NYSE.

BX ended impulse sequence I red at $149.78 high on 11/19/2021. Below there it favors correction lower in II wave, which expect to end between $78.63 – $48.87 area before turning higher.

BX – Elliott Wave latest weekly view

It placed ((1)) at $60.20 high on 6/05/2020 of the impulse sequence started from 3/18/2020 low. It favored ended ((2)) at $49.26 low on 9/24/2020 low as 0.382 Fibonacci retracement of previous cycle. Above there, it started third wave extension of third wave extension & placed ((3)) at $136.88 high on 9/17/2021. It ended ((4)) at $108.81 low on 10/04/2021 as slightly above 0.382 retracement. Finally, it ended ((5)) at $149.78 high on 11/19/2021 as wave I. While below there, it favors correcting lower in II in zigzag correction.

BX – Elliott Wave latest daily view

Below $149.78 high, it placed ((A)) at $101.65 low and ((B)) at $126.80 high as triangle on 4/21/2022. While below there, it favors lower in ((C)) leg towards $78.63 – $48.87 area to finish II correction before upside resumes in either new sequence up or at least 3 swing reaction higher. Currently, it favors lower in (3) of ((C)) & expect weakness to continue before a bounce in (4) followed by final push lower to finish the sequence in II.