Spotify Technology S.A. (SPOT) US stocks Elliott Wave technical analysis [Video]
|SPOT Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Strucuture: Motive.
Position: Wave {iii} of 5.
Direction: Upside in wave {iii}.
Details: A bottom in wave 4 appears established. We are now looking for a bullish move into wave {iii} of 5. A TradingLevel pattern above $650 could confirm continuation higher.
Daily chart analysis overview
The daily Elliott Wave analysis of Spotify (SPOT) reflects a continuation of the bullish trend, as wave 4 looks completed. The market setup now suggests the beginning of wave {iii} of 5, typically the strongest phase in a motive sequence.
Traders should watch for a confirmed breakout pattern above the psychological level of $650. This would support the case for further upside and signal the strengthening of the current trend.
SPOT Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave v of (I).
Direction: Upside in wave (I).
Details: On the lower time frame, we are tracking the subdivision of wave {iii}. The stock may be forming wave (i) of {iii}, or already in wave {iii}, which could align in length with wave {i}. A further extension higher would indicate wave {v} development.
One-hour chart summary
Intraday action supports the bullish structure, reinforcing the daily outlook. The ongoing move is likely wave (i) of {iii}, with price action potentially targeting equality with prior impulse segments. If confirmed, wave {v} could deliver the next upward extension in this impulse sequence.
Conclusion
Both time frames suggest SPOT is in the early stages of a renewed bullish cycle. Monitoring for confirmation around $650 is critical for validating the wave count and potential long positions.
Spotify Technology S.A. (SPOT) US stocks Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.