Spotify Technology S.A., (SPOT) Stocks Elliott Wave Technical Analysis

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SPOT Elliott Wave Analysis Trading Lounge Daily Chart,

Spotify Technology S.A., (SPOT) Daily Chart

SPOT Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Minor 5.

DIRECTION: Upside in Minor 5  

DETAILS: Looking for start moving higher after trading around TL3 at 300$. Looking for further upside towards at least the end of MG2 at 330$.

 

SPOT Elliott Wave Analysis Trading Lounge 4Hr Chart,

Spotify Technology S.A., (SPOT) 4Hr Chart

SPOT Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Minor 5.

DIRECTION: Upside in Minor 5  

DETAILS: Looking for a triangle in 4 to be completed. There is a possibility we just completed wave {iv} and not 4, as equality of  Minor 3 vs. 1 stands at 340$.  

 

Welcome to our latest Elliott Wave analysis for Spotify Technology S.A. (SPOT). In this report, we provide a detailed examination of SPOT's price movements and future projections using the Elliott Wave Theory. This analysis will cover both the daily and 4-hour charts, offering insights into the current trends and potential trading opportunities. Whether you are a seasoned trader or a market enthusiast, this analysis aims to enhance your understanding of SPOT's market behavior.

 

* SPOT Elliott Wave Technical Analysis – Daily Chart*

In our latest Elliott Wave analysis of Spotify Technology S.A. (SPOT), we observe a bullish trend with an impulsive structure. Currently positioned at Minor wave 5, SPOT is gearing up for an upside move in Minor 5. After trading around Trading Level 3 (TL3) at $300, we anticipate further upside towards at least the end of Major Group 2 (MG2) at $330. Traders should be prepared for a potential continuation of the upward trend as the market gains momentum.

 

* SPOT Elliott Wave Technical Analysis – 4Hr Chart*

On the 4-hour chart, SPOT is also exhibiting an impulsive mode within a motive structure, specifically positioned in Minor wave 5. We are looking for the completion of a triangle in wave 4. However, there is a possibility that we have just completed wave {iv} instead of 4, with the equality of Minor wave 3 vs. 1 standing at $340. This scenario suggests further upside potential as SPOT continues to move higher in wave 5.

 

Technical Analyst : Alessio Barretta

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