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]

Author

Peter Mathers

TradingLounge

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

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