SPOT Elliott Wave Analysis - Trading Lounge

Spotify Technology S.A. (SPOT) - Daily Chart

SPOT Elliott Wave Technical Analysis

• Function: Trend
• Mode: Impulsive
• Structure: Motive
• Position: Wave 5 of (1)
• Direction: Upside within wave 5

Details: With ongoing pullbacks occurring in three-wave patterns, the outlook remains bullish for further upside within Minor wave 5, potentially targeting the $500 level.

Spotify Technology S.A. (SPOT) - 1H Chart

SPOT Elliott Wave Technical Analysis

• Function: Trend
• Mode: Impulsive
• Structure: Motive
• Position: Wave {ii} of 5
• Direction: Seeking a bottom in wave {ii}

Details: Evidence suggests wave {ii} may still be unfolding, as the latest upward movement aligns with a three-wave structure. This could imply a final leg lower before the upward trend resumes in wave {iii} of 5.

Summary of SPOT Elliott Wave Analysis

This analysis examines Spotify Technology S.A. (SPOT) on both daily and 1-hour charts, applying Elliott Wave Theory to analyze current trends and anticipate future price direction.

• Daily Chart: SPOT is advancing within Minor wave 5 of (1) on the daily timeframe, maintaining a three-wave pullback formation. This suggests the upward trajectory in wave 5 remains valid, with a potential target around $500.

• 1H Chart: The 1-hour chart indicates that wave {ii} may still be developing, with an additional minor pullback expected before continuing upward in wave {iii} of 5.

Technical Analyst: Alessio Barretta

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