Spotify Technology S.A. (SPOT) Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

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]

Author

Peter Mathers

TradingLounge

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

GBP/USD: Downward-sloping trendline near 1.3470 remains key barrier

The British pound faces selling pressure against its major currency peers, trading 0.1% lower at around 1.3420 against the US Dollar during the European trading session on Tuesday.

Euro defends 1.1500 level ahead of US data

EUR/USD struggles to make a decisive move in either direction and trades in a tight channel above 1.1500 on Tuesday. Investors cling to a cautious stance amid the uncertainty surrounding the situation in the Middle East and help the USD stay resilient against its rivals, limiting the pair's upside ahead of the next batch of US data.

Ripple Price Forecast: XRP extends technical weakness despite whales increasing exposure

Ripple (XRP) declines for a second day in a row, trading around $1.07 at the time of writing on Tuesday. The remittance token has continued to sustain a bearish outlook, aligning with the broader cryptocurrency market.

Volatility waits for fresh catalyst ahead of US-Iran 'talks'

EU mid-market update: SpaceX and AMD to report after the close; Volatility waits for fresh catalyst ahead of US-Iran 'talks'. - Middle East and energy drives sentiment still.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.