BLK to Fall before Rising

BLK has been forming an ascending triangle since August 2022. In Aug 2023, BLK broke the trend line of this triangle and is below 20/50/100/200 EMAs. Overall market is bearish. If the market trend continues till end August, BLK is likely to test support level near 640. The subsequent uptrend of BLK is likely to reach price target of 810 by mid-2024 and 900 by beginning 2025.

Comment:

I did an Elliott Wave count and it seems that BLK has completed corrective wave B of the larger Corrective Wave A-B-C. We are currently in wave C of the larger wave.

I stand corrected. BLK may go down further before it starts the uptrend.