SPOT Elliott Wave technical analysis [Video]

SPOT Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave {i} of 5.

Direction: Upward movement in wave 5.

Details: The chart suggests the uptrend is continuing, as Minute wave {i} of Minor wave 5 is nearing completion.

Spotify’s daily chart reflects a resumption of the upward trend. The stock is progressing through Minute wave {i} within Minor wave 5, indicating strength in the ongoing bullish momentum. This phase often leads to extended gains, as the early stages of wave 5 develop. As long as price remains supported during corrections, further upside remains likely.

SPOT Elliott Wave Technical Analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave (v) of {i}.

Direction: Nearing the top of wave {i}.

Details: Final leg of wave (v) appears underway; resistance expected near $650.

The intraday analysis of SPOT shows that it is advancing through wave (v) of Minute wave {i}. This move suggests a final push higher may still be pending. However, as the price nears the $650 level, a potential resistance zone, a brief pause or a corrective phase could develop. Upon completion of this five-wave sequence, a retracement in wave {ii} may follow.

This analysis uses Elliott Wave principles to evaluate SPOT's structure across timeframes. The daily outlook signals bullish continuation, while the 1-hour chart suggests short-term upward movement could conclude soon, followed by a possible corrective phase.

Technical analyst: Alessio Barretta.

SPOT Elliott Wave technical analysis [Video]