BlackRock (NYSE: BLK) is the world’s largest asset manager, with $9.42 trillion in assets as of June 30, 2023. Headquartered in New York City, Blackrock has 70 offices in 30 countries, and clients in 100 countries. In this article, we will be taking a look at the technical structure for the stock based on the Elliott Wave Theory and we’ll define the path within current cycles.
Following the 48% decline in 2022, BLK established a major low in October 2022 with the rest of the stock market. The corrective 3 waves decline from 2021 peak is proposed to be a wave (II) pullback and consequently the stock is getting ready for the next leg to the upside within wave (III).
BLK initially rallied within an impulsive 5 waves advance in wave I then it did 3 waves pullback in wave II. Up from October 2023, the stock managed to break above wave I peak and that move created a higher high sequence within daily cycle. Following this move, the stock is looking to remain supported above $503 and will be looking to extend higher at least toward $880 and extension can take it toward $990 which will be the key event after a break into new all time highs.
The break above November 2021 peak will be the key within the weekly cycle to establish a higher high sequence following the higher low of 2022. Consequently, investors will expect the stock to see more upside in the coming years and will be looking to buy into pullbacks in 3 , 7 or 11 swings.
BLK Weekly Chart 2.19.2024
The following video offers a technical outlook based on BLK’s Elliott Wave analysis within weekly cycle :
