Spotify (SPOT) Elliott Wave Analysis | Trading Lounge Daily Chart

SPOT Elliott Wave Technical Analysis

• FUNCTION: Counter-Trend
• MODE: Corrective
• STRUCTURE: Flat
• POSITION: Wave {iv} of 5
• DIRECTION: Potential bottom forming in Wave {iv}

Analysis:
Spotify (SPOT) appears to be in the later stages of a corrective flat pattern on the daily chart, forming Wave {iv} of the broader Wave 5 sequence. Price action has remained around the mid-line of a temporary parallel trend channel, suggesting limited downside pressure and a potential shift toward the next upward move. The corrective phase seems near completion, positioning SPOT for a possible bullish continuation into Wave 5.
 

Spotify (SPOT) Elliott Wave Analysis | Trading Lounge 1-Hour Chart

SPOT Elliott Wave Technical Analysis

• FUNCTION: Counter-Trend
• MODE: Corrective
• STRUCTURE: Flat
• POSITION: Wave (c) of {iv}
• DIRECTION: Possible bottom formation in Wave {iv}

Analysis:
The 1-hour chart highlights a possible ending diagonal developing within Wave (c) of {iv}, often indicating a correction is near exhaustion. If validated, this structure would signal the end of the corrective phase and a resumption of upward momentum toward the $800 target zone in Wave {v}. Traders should look for a breakout from the diagonal structure to confirm the bullish scenario.
 

Technical Analyst: Alessio Barretta

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