To The Moon

Block (SQ) Could Be Ready To Rally

March 5, 2023 By EWFLuis

Block, Inc. (formerly Square, Inc.) is an American multinational technology conglomerate founded in 2009 and launched its first platform in 2010. It became a public company since November 2015 with the ticker symbol SQ. Square is a payments platform aimed at small and medium businesses. It allows them to accept credit card payments and use smartphone or tablets as payment registers for a point-of-sale system.

SQ 4 HOUR CHART MARCH 2023

SQ 4 HOUR CHART MARCH 2023

SQ ended a Grand Super Cycle at $51.28 in Nov 2022 low and since then has doubled in value. The bounce built an impulse ending at $75.78 which we called wave (I). Then, It dropped as a flat correction that completed at $58.30 as wave (II) and continued the rally to form another impulse finished at $89.98. We labeled this new impulse as wave I and pull backed again in 3 waves doing a zig zag correction ended at $71.79 as wave II.

Starting at $71.79, Block’s price has bounced in 3 waves and we are looking for 5 to complete a wave ((1)). After this, we must see a pullback in 3, 7 or 11 swings sequence as wave ((2)) to look for buying opportunities. The count is valid as long as market remains above $71.79 and would confirm the uptrend breaking the price of $89.98.

SQ 4 HOUR CHART MARCH 2023 ALTERNATIVE

SQ 4 HOUR CHART MARCH 2023. Wave II is not completed.

An alternative to the main view is that wave II needs more downside as a double correction ((W)), ((X)), ((Y)). The current wave II would be the wave ((W)) subdivided into 3 waves. The corrective bounce would be the wave ((X)). Then, SQ would need 3 more waves down to complete the wave ((Y)) and the double correction. Here SQ should end wave II where we should look for buying opportunities waiting for a new rally. The count is valid as long as price does not drop below $58.30. (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory)