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BlackRock Breaking Higher After Earnings, What’s Next?

In today's blog, we examine the latest price action of Blackrock (BLK)
ElliottWave-Forecast has built our reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Swing sequences, Distribution system and the Right Side system which consists of Right Side tags to inform clients of what side of the market should be traded and blue boxes to show areas for buying / selling. We provide precise forecasts with up-to-date analysis for 78 instruments including Forex, Commodities, ZN (10 year note yields), World Indices, Stocks, ETFs and Bitcoin.
ElliottWave-Forecast has built our reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Swing sequences, Distribution system and the Right Side system which consists of Right Side tags to inform clients of what side of the market should be traded and blue boxes to show areas for buying / selling. We provide precise forecasts with up-to-date analysis for 78 instruments including Forex, Commodities, ZN (10 year note yields), World Indices, Stocks, ETFs and Bitcoin.

BlackRock is the world largest asset manager with over $6.5 trillion in assets under current management. The company released first quarter earnings last week, reporting $65 billion of quarterly total net inflows – 4% organic
asset growth – positive across index, active and cash
management strategies. Revenue came in at $3.35 billion, slightly higher than expectations of $3.33 billion. Adjusted EPS of $6.61 beat expectations of $6.12. The results drove the stock to break its 03/01/19 peak, making the right side higher against the $412.80 low which can be seen in the chart below.

BlackRock 04.17.2019 4H Sequence Analysis

BlackRock

The move higher makes a 5-swing incomplete bullish sequence from the 12/24/18 low. Ideally, BlackRock should see the $467.73-$483.07 area, which is the 0.618-0.764 Fibonacci extension area from its 12/24/18 lows. Within that area, it is expected to end the 5th swing followed by a pullback in swing 6, before another extension higher into the initial equal legs should be seen.

The target area of the equal legs extreme comes at around $504.62-$526.17, where a bigger reaction lower is expected to take place and also to end the 7th swing. For now, any pullback against the 03/25/19 low should find buyers at the sequences of 3-7 or 11 swings, targeting the equal legs area.

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