Block (NYSE: SQ) (formerly Square, Inc.), is a U.S. public company that provides financial services and mobile payments. In this article, we will be taking a look at the technical structure following the Elliott Wave Theory to define the path within current daily cycle.
SQ started the initial rally from October 2023 low at $38.73 and it made 5 waves advance up to December 2023 at $80.29 where it ended wave ((1)). A correction in wave ((2)) took place toward $61.83 and then up from there the stock resumed the rally to the upside.
Block managed to break above December 2023 peak and it created an incomplete bullish sequence to the upside. The move higher is expected to unfold as a new impulsive 5 waves advance in wave ((3)) and it will be aiming for a target higher at equal legs area $103 - $129.
The impulsive move within wave ((3)) is usually the strongest and in the case of a nest it can extend beyond the 1.618 Fibonacci extension. Consequently, investors will keep buying the pullbacks in 3, 7 or 11 swings within current daily cycle and Block should create enough separation from January 2023 low $61.83.
Block SQ Daily Chart 3.26.2024
風險提示：本文所述僅代表作者個人觀點，不代表 Followme 的官方立場。Followme 不對內容的準確性、完整性或可靠性作出任何保證，對於基於該內容所採取的任何行為，不承擔任何責任，除非另有書面明確說明。
暫無評論，立馬搶沙發