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]

Author

Peter Mathers

TradingLounge

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

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