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

Peter Mathers TradingLounge

Spotify Technology S.A. (SPOT) – Daily chart

Technical analysis based on Elliott Wave theory

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave (iii) of {iii}.

Direction: Upside in wave (iii).

Details: This represents the most bullish scenario for SPOT, forecasting potential movement toward the $800 level as wave (iii) extends.

Spotify is demonstrating a strong bullish structure on the daily chart, situated in wave (iii) of a larger wave {iii}. This formation suggests increasing momentum and strong upside potential, with $800 acting as the expected price target under this scenario. The chart supports the impulse structure, reinforcing upward continuation in the near term.

Spotify Technology S.A. (SPOT) – One-hour chart

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave {v} of 5.

Direction: Upside in wave {v}.

Details: This more conservative outlook assumes wave {v} is now developing, with upside limited to $779, considering wave {iii} is shorter than wave {i}.

In the hourly timeframe, SPOT is moving within wave {v} of 5. With wave {iii} being shorter than wave {i}, upside is expected to cap at approximately $779, aligning with typical Elliott Wave guidelines. This count suggests a near-term high may soon form, followed by a likely corrective phase.

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.

AUD/USD sticks to positive bias above 0.7100; lacks bullish conviction

AUD/USD trades with a positive bias for the second straight day, holding above 0.7100 in the Asian session on Friday as softer US bond yields keep US Dollar bulls on the back foot. Furthermore, hawkish RBA Governor Bullock's comments boost rate hike bets and support the Aussie. However, the Fed's hawkish outlook, along with geopolitical uncertainties, limits USD losses and caps the pair.

USD/JPY approaches 158.00 as Japanese Yen resumes decline

USD/JPY is resuming its upside in the European session on Friday, refreshing two-week highs and nearing 158.00. The Japanese Yen extends losses, despite the Bank of Japan's (BoJ) expected rate hike to 1.25% and hawkish Governor Ueda's comments, as two surprise dissents against the rate hike weigh on it.

Gold tests $$4,400 as softer US bond yields cap USD gains

Gold scales higher for the second straight day and continues to hit new weekly highs through the first half of the European session on Friday, with bulls now awaiting a sustained move beyond the $4,400 mark before positioning for further gains. Retreating US Treasury bond yields keep the US Dollar (USD) uptrend capped ahead of Fedspeak and mid-tier US data.

Bitcoin extends recovery, Ethereum eyes $2,500, XRP holds $1.30

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) extend their recovery, trading above $76,700, $2,400 and $1.300, respectively, on Friday. These top three cryptocurrencies now face key technical levels that could determine whether their recoveries extend further or pull back.

Why Bitcoin's over 30% rebound doesn't mean the bear market cycle is done

BTC has staged a strong recovery after falling to a yearly low of $57,800 in July, gaining nearly 33% and recording two consecutive months of gains in July and August. However, despite that rebound, Bitcoin remains around 40% below its all-time high, leaving one key question for traders: is this the start of a new bullish phase, or simply another recovery within a broader bear-market cycle?

How Japan became the World's Banker and why that era may be ending

Japan's ultra-low interest rates helped finance trillions of dollars in global investments for more than a decade, making the Japanese Yen one of the world’s cheapest sources of funding. With the Bank of Japan expected to tighten policy again this week, that advantage may be entering a new phase. While most major economies raised interest rates, Japan remained the world's outlier.