SPOT Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Flat.
Position: Wave 4.
Direction: Bottom in wave 4.
Details: Looking for developments in Minor wave 4 as we seem to have found a top in wave 3 right at MG1 around 320$. Looking for support to be found on MG2 of 200$.
SPOT Elliott Wave technical analysis – Daily chart
The daily chart indicates that SPOT seems to have found a top in wave 3 around MG1 at $320. We are now looking for support to be found around MG2 at $200 as Minor wave 4 continues to develop. Traders should monitor these levels closely for signs of bottoming out and potential reversal.
SPOT Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Flat .
Position: Wave {c} of 4.
Direction: Downside in wave {c}.
Details: Looking for downside into wave {c}, we have increase volume which suggests more downside should be coming, as well as 0.618 4 vs. 2 stands at 265$.
SPOT Elliott Wave technical analysis – Four-hour chart
The 4-hour chart shows that SPOT is targeting further downside in wave {c}. An increase in volume suggests more downside pressure, with the 0.618 retracement of wave 4 vs. wave 2 standing at $265. This level is critical for potential support and should be monitored for a reversal indication.
Welcome to our latest Elliott Wave analysis for Spotify Technology S.A. (SPOT) as of July 12, 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.
Spotify Technology S.A. (SPOT) Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
Gold trades in a rangebound mood around $3,300
Gold now seems to have embarked on a daily consolidation around the $3,300 mark per troy ounce following an all-time peak near $3,320 during early trade. Continued concerns over the escalating US-China trade tensions and a weakening Greenback, support the demand for the metal prior to Powell's speech.
EUR/USD remains consolidative around 1.1350 on firmer US Retail Sales
EUR/USD maintains its daily gains around the 1.1350 region on the back of the resumption of the bearish tone in the Greenback, which showed no reaction to the stronger-than-expected Retail Sales in March. Later in the day, investors are expected to closely follow Fed Chairman Powell’s comments on the economic outlook.
GBP/USD recedes from tops and revisits the 1.3250 zone
GBP/USD extends its positive streak on Wednesday, now coming under some selling pressure around the 1.3250 after earlier multi-month tops around the 1.3300 mark. The daily uptick comes on the back of the weaker US Dollar and easing inflationary pressure in the UK.
BoC set to leave interest rate unchanged amid rising inflation and US trade war
All the attention is expected to be on the Bank of Canada this Wednesday as market experts widely anticipate the central bank to maintain its interest rate at 2.75%, halting seven consecutive interest rate cuts.
Future-proofing portfolios: A playbook for tariff and recession risks
It does seem like we will be talking tariffs for a while. And if tariffs stay — in some shape or form — even after negotiations, we’ll likely be talking about recession too. Higher input costs, persistent inflation, and tighter monetary policy are already weighing on global growth.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.