Image Source: Unsplash
 

SPOT Elliott Wave Analysis Trading Lounge Daily Chart,

Spotify Technology S.A. (SPOT) Daily Chart

SPOT Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Minor 5.

DIRECTION: Upside in Minor 5  

DETAILS: Looking for upside into Minor wave 5, 0.618 5 vs. 1 stands at 500$. It’s also possible we have had wave {iv} instead of 4.

SPOT Elliott Wave Analysis Trading Lounge 4Hr Chart,

Spotify Technology S.A. (SPOT) 4Hr Chart

SPOT Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave {iii}.

DIRECTION: Completion in {iii}.

DETAILS: Looking for wave {iii} to unfold nicely towards the end of MG2 at 330$, with 1.618 {iii} vs. {i} at 337$.

Welcome to our latest Elliott Wave analysis for Spotify Technology S.A. (SPOT) as of June 6, 2024. This analysis provides an in-depth look at SPOT's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on SPOT's market behavior.

* SPOT Elliott Wave Technical Analysis – Daily Chart*

In our Elliott Wave analysis of Spotify Technology S.A. (SPOT), we observe an impulsive trend characterized by a motive structure. SPOT is currently positioned in Minor wave 5, suggesting an upside movement. The target for 0.618 of wave 5 vs. wave 1 stands at $500. Additionally, there is a possibility that we have seen wave {iv} instead of wave 4, indicating the potential for further upward movement. Traders should monitor for continuation signals to confirm the development of Minor wave 5.

* SPOT Elliott Wave Technical Analysis – 4Hr Chart*

On the 4-hour chart, SPOT is following an impulsive trend within a motive structure, specifically in wave {iii}. The current analysis indicates that wave {iii} is unfolding nicely towards the end of MG2 at $330, with the 1.618 projection of wave {iii} vs. wave {i} at $337. Traders should watch for completion patterns in wave {iii} and potential consolidation before wave {iv} begins.

Technical Analyst: Alessio Barretta

More By This Author:

Unlocking ASX Trading Success: ASX Limited - Thursday, June 6
Elliott Wave Technical Analysis: U.S. Dollar/Swiss Franc - Thursday, June 6
Elliott Wave Technical Analysis: CAC 40 Index