BlackRock (NYSE: BLK) Incomplete Bullish Sequence Support The Upside
In our previous article, we explained weekly breakout for BlackRock (NYSE: BLK) and presented the technical structure within its current cycle from 2022 low. Today, we’ll continue analysing the weekly aph based on the Elliott Wave Theory. BlackRock BLK rally into new all time highs in recent month created an incomplete bullish sequence from all time low with a yearly target at equal legs area $1464 – $1691. Consequently, the stock will remain supported above 2022 low $503.12 and continue to the upside within the weekly cycle. The current rally from 2022 is showing 3 waves advance into new highs, therefore it’s also looking for more upside to take place before ending the cycle. The peak in January is proposed to be wave ((3)) and it’s currently doing a wave ((4)) pullback. This correction will find buyer between the 23.6% – 38.2% Fibonacci retracement area at $969 – $897, after that BLK will rally higher again in wave ((5)).
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