SPOT Elliott Wave analysis [Video]

SPOT Elliott Wave analysis

Daily chart

• Function: Trend.

• Mode: Impulsive.

• Structure: Motive.

• Position: Wave 5 of (1).

• Direction: Upside.

• Details: Wave 4 found support at TradingLevel5 near $500. Expecting continuation toward $800, contingent on maintaining support above $650.

One-hour chart

• Function: Trend.

• Mode: Impulsive.

• Structure: Motive.

• Position: Wave {i} of 5.

• Direction: Upside.

• Details: Alternative count suggests wave {i} is still unfolding. A three-wave move in wave {ii} is expected next, possibly providing short-term upside opportunities.

SPOT Elliott Wave technical analysis

This analysis covers both the daily and 1-hour charts of SPOT, applying Elliott Wave Theory to identify current trends and anticipate future movements.

Daily chart outlook

Spotify seems to have completed wave 4, finding support above the $500 TradingLevel5. If support holds above $650, the stock could continue higher in wave 5, with a potential target near $800.

One-hour chart outlook

The 1-hour chart presents an alternative wave count, indicating wave {i} of 5 is still developing. A corrective wave {ii} is expected next, potentially setting up further upside opportunities in the short term.

Technical analyst: Alessio Barretta.

SPOT Elliott Wave technical analysis [Video]