ASX: BLOCK, INC - XYZ (SQ2) Elliott Wave Technical Analysis Update TradingLounge Market Insights
Hello traders,
Today’s updated Elliott Wave analysis for ASX: BLOCK, INC - XYZ (SQ2) highlights a key structural move. Our assessment indicates that Wave 1) (orange) appears completed. The current downward retracement marks the beginning of Wave 2) (orange), targeting a significant support zone near 80.00 AUD. This corrective phase could set up the conditions for a strong Wave 3) (orange) bullish impulse.
ASX: BLOCK, INC - XYZ (SQ2) Daily Chart (1D - Semilog Scale) Analysis
Function: Major Trend (Intermediate Degree - Orange)
Mode: Motive
Structure: Impulse
Wave Position: Wave 2) - Orange
Technical Summary:
- Completion of Wave 1) (orange) is likely.
- Wave 2) (orange) is unfolding downward, aligning with corrective expectations.
- Primary support at 80.00 AUD is the key level to monitor.
- Watch for reversal patterns or bullish confirmation to initiate a Wave 3) (orange) long trade setup.
Invalidation Level: 61.42 AUD – A break below this level challenges the current wave count.
ASX: BLOCK, INC - XYZ (SQ2) 4-Hour Chart Analysis
Function: Major Trend (Intermediate Degree - Orange)
Mode: Motive
Structure: Impulse
Wave Position: Wave 2) - Orange
Technical Summary:
- The 4-hour chart confirms the broader trend seen on the daily timeframe.
- Ongoing development of Wave 2) (orange) continues to move toward the 80.00 AUD support.
- Traders should watch this zone for a potential bullish shift signaling Wave 3) (orange).
- Entry opportunities could emerge once corrective movement completes.
Invalidation Level: 61.42 AUD – Breaching this level may invalidate the current Elliott Wave scenario.
Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).
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See Previous: NEM Elliott Wave Technical Analysis
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Conclusion: Elliott Wave Forecast for SQ2 on ASX
Our updated Elliott Wave forecast for ASX: BLOCK, INC - XYZ (SQ2) provides a structured view of market positioning. With Wave 2) (orange) heading toward a key support at 80.00 AUD, traders can prepare for a possible bullish turn in Wave 3) (orange). The 61.42 AUD invalidation point serves as a risk control marker to confirm or refute the wave scenario. This technical perspective aims to deliver actionable insights for strategic trade planning.