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
EUR/USD holds above 1.0550 on renewed US Dollar weakness
EUR/USD stabilizes above 1.0550 on Monday. A positive shift in risk sentiment curbs the safe-haven demand for the US Dollar, offering some comfort to the pair. Later in the week, US inflation data and ECB policy announcements could drive EUR/USD's action.
GBP/USD rises above 1.2750 as risk appetite returns
GBP/USD picks up fresh bids and clings to modest daily gains above 1.2750. Markets cheer improving risk sentiment as traders shrug off geopolitical risks and reposition ahead of the US inflation test, making it difficult for the US Dollar to gather strength.
Gold climbs above $2,650 on Chinese stimulus hopes
Gold gathers bullish momentum and trades above $2,650 on Monday. News of China planning to inject further stimulus into the economy boosts XAU/USD as investors gear up for this week's key data releases and central bank meetings.
Pepe meme coin hits new all-time high, with market cap surpassing $11 billion
Pepe (PEPE) soars to a new all-time high (ATH) of $0.0000275 on Monday after an 18% rally over the past week. Rising open interest signals fresh market buying and the technical outlook indicates a potential climb toward $0.0000336.
A big week for central banks
This week’s CPI data will be the last piece of the puzzle before the Fed meets next week. The ECB, BoC, RBA and the SNB will announce their latest policy verdict throughout this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.