Spotify Inc., Elliott Wave Technical Analysis

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Spotify Inc., (SPOT): Daily Chart, Wednesday, June 7

SPOT Stock Market Analysis: We have witnessed an outstanding up move in Spotify as we rallied over 100% from the bottom at around $70. We are looking for a potential top soon as we seem to be having different reasons to believe so.  

SPOT Elliott Wave Count: Wave (v) of {v}.

SPOT Technical Indicators: Above all averages.

SPOT Trading Strategy: Looking for a down move to begin the correction soon.  

TradingLounge Analyst: Alessio Barretta

Spotify Inc., SPOT: 4-hour Chart, Wednesday, June 7

Spotify Inc., Elliott Wave Technical Analysis
SPOT Stock Market Analysis: As you can see we are looking at a potential ending diagonal in wave {v} as we encounter resistance which is visible on the daily chart and I highlighted the area in yellow. We have RSI bearish divergence suggesting we could be due a pullback.  

SPOT Elliott Wave count:  Wave (v) of {v}.

SPOT Technical Indicators: Above all averages.

SPOT Trading Strategy: Looking for a sudden drop to confirm the end of the uptrend.

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