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Spotify Inc.(SPOT:NASDAQ) Elliott Wave Technical Analysis 6 March 23


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Spotify Inc., Elliott Wave Technical Analysis

Spotify Inc., (SPOT:NASDAQ): Daily Chart, 6 March 23,

SPOT Stock Market Analysis: It looks like we bottomed in wave (a) after a top in wave {iii} being 1.618 {iii} vs. {i}. Looking for another leg down into wave (c) before considering longs.  

SPOT Elliott Wave Count: Wave (a) of {iv}.

SPOT Technical Indicators: 20EMA as support.  

SPOT Trading Strategy: Looking for one leg lower in wave (c) before considering longs.  

TradingLounge Analyst: Alessio Barretta

 

SPOT_3_6.png.7c775ac5197d670522402b7fc41cd3eb.png

 

Spotify Inc., SPOT: 4-hour Chart, 6 March 23,

Spotify Inc., Elliott Wave Technical Analysis

SPOT Stock Market Analysis: It was a sharp move down into wave (a) which is very common for wave As. We didn’t even reach the 0.236 retracement of wave {iii} which is why I favor further downside before upside resumption.  

SPOT Elliott Wave count: Wave (a) of {iv}.

SPOT Technical Indicators: In between averages

SPOT Trading Strategy: Looking for further downside in wave (c).

SPOT_4H.png.3dda50dea5f03e48f4a494a71e137efb.png

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