SPOT Elliott Wave analysis [Video]
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SPOT Elliott Wave analysis
Daily chart
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Function: Trend.
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Mode: Impulsive.
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Structure: Motive.
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Position: Wave 5 of (1).
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Direction: Upside.
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Details: Wave 4 found support at TradingLevel5 near $500. Expecting continuation toward $800, contingent on maintaining support above $650.
One-hour chart
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Function: Trend.
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Mode: Impulsive.
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Structure: Motive.
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Position: Wave {i} of 5.
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Direction: Upside.
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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]
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