SPOT Elliott Wave analysis [Video]

Peter Mathers TradingLounge

SPOT Elliott Wave analysis

Daily chart

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave 5 of (1).
Direction: Upside.
Details: Wave 4 found support at TradingLevel5 near $500. Expecting continuation toward $800, contingent on maintaining support above $650.

One-hour chart

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave {i} of 5.
Direction: Upside.
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]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold jumps above $5,000 as China's gold buying drives demand

Gold price rises to near $5,035 during the early Asian session on Monday. The precious metal extends its recovery amid a weaker US Dollar and rising demand from central banks. The delayed release of the US employment report for January will be in the spotlight later on Wednesday.

Week ahead: US NFP and CPI data to shake Fed cut bets, Japan election looms

US NFP and CPI data awaited after Warsh’s nomination as Fed chief. Yen traders lock gaze on Sunday’s snap election. UK and Eurozone Q4 GDP data also on the agenda. China CPI and PPI could reveal more weakness in domestic demand.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.