Unlocking ASX Trading Success: BLOCK INC. – SQ2 Stock Analysis & Elliott Wave Technical Forecast
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with BLOCK INC. – SQ2 . We’ve identified a countertrend move (ABC) with Wave 2-red unfolding, which also presents a good trading opportunity with Wave 3-red to follow once Wave 2-red completes. Therefore, we’ll closely monitor Block Inc. – SQ2 in the coming days.
ASX: SQ2 Elliott Wave technical analysis
Function: Major trend (Intermediate degree, blue).
Mode: Motive.
Structure: Impulse.
Position: Wave 3-red of Wave (3)-blue.
Details: The short-term outlook suggests that since the low at 60.56, waves (1), (2), (3)-blue have unfolded to push higher. Wave (2)-blue appears to have just completed at 94.66, and wave (3)-blue is now unfolding to push higher, targeting 184.92. Currently, at a smaller degree, wave 1-red has peaked, and wave 2-red is unfolding to push slightly lower until it completes, after which wave 3-red will resume and rise even higher. A push above 129.00 would renew the bullish outlook.
Invalidation point: 94.66.
ASX: SQ2 four-hour chart analysis
Function: Major trend (Minor degree, red).
Mode: Motive.
Structure: Impulse.
Position: Wave ((c))-green of Wave 2-red.
Details: The short-term outlook suggests that wave 1-red has recently peaked, and wave 2-red is unfolding to push lower, possibly targeting the range of 109.73 – 107.15. Therefore, this is an opportunity to observe and wait until the corrective wave 2-red concludes, which will open up a good trading opportunity with wave 3-red to push even higher.
Invalidation point: 94.66.
Conclusion
Our analysis, forecast of contextual trends, and short-term outlook for ASX: BLOCK INC. – SQ2 aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.