ASX: BLOCK, INC – XYZ Elliott Wave Technical Analysis
Greetings, Our Elliott Wave analysis today delivers an updated outlook on the Australian Stock Exchange (ASX), specifically focusing on BLOCK, INC – XYZ.
We observe that ASX: XYZ is nearing the completion of an Expanded Flat corrective wave, signaling a potential upside opportunity for the stock.
ASX: BLOCK, INC – XYZ 1D Chart (Semilog Scale) Analysis
Function: Major trend (Intermediate degree, orange)
Mode: Motive
Structure: Impulse
Position: Wave C - grey of Wave (2) - orange
Details:
Wave (2) - orange is forming a complex and extended Expanded Flat, now reaching completion.
Wave C - grey requires one final push lower before Wave (3) - orange can begin an upward movement.
Invalidation Point: 60.56
ASX: BLOCK, INC – XYZ 4-Hour Chart Analysis
Function: Major trend (Minor degree, grey)
Mode: Motive
Structure: Impulse
Position: Wave ((iv)) - navy
Details: A detailed examination shows Wave C - grey forming a five-wave structure.
Wave ((iv)) - navy is expected to make a slight upward move before declining further with Wave ((v)) - navy.
If the price action breaks through the 0.382 Fibonacci level with strong momentum, it could suggest that Wave (3) - orange is unfolding sooner than expected.
Invalidation Point: 132.76
Key Level: 0.382
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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Conclusion
Our Elliott Wave forecast for ASX: BLOCK, INC - XYZ offers traders crucial insights into market trends and potential price movements. By identifying key validation and invalidation points, we empower traders with data-driven analysis to make informed trading decisions. With a technical and objective approach, our analysis provides a comprehensive market perspective, ensuring a professional and reliable outlook.