Spotify (SPOT) Elliott Wave analysis [Video]

Spotify (SPOT) Elliott Wave Analysis | Trading Lounge Daily Chart

SPOT Elliott Wave Technical Analysis

• FUNCTION:Counter-Trend
• MODE:Corrective
• STRUCTURE:Flat
• POSITION:Wave {iv} of 5
• DIRECTION:Potential bottom forming in Wave {iv}

Analysis:
Spotify (SPOT) appears to be in the later stages of acorrective flat patternon the daily chart, formingWave {iv}of the broaderWave 5sequence. Price action has remained around the mid-line of atemporary parallel trend channel, suggesting limited downside pressure and a potential shift toward the next upward move. The corrective phase seems near completion, positioning SPOT for a possible bullish continuation intoWave 5.

Spotify (SPOT) Elliott Wave Analysis | Trading Lounge 1-Hour Chart

SPOT Elliott Wave Technical Analysis

• FUNCTION:Counter-Trend
• MODE:Corrective
• STRUCTURE:Flat
• POSITION:Wave (c) of {iv}
• DIRECTION:Possible bottom formation in Wave {iv}

Analysis:
The1-hour charthighlights a possibleending diagonaldeveloping withinWave (c) of {iv}, often indicating acorrection is near exhaustion. If validated, this structure would signal the end of the corrective phase and a resumption of upward momentum toward the$800 target zoneinWave {v}. Traders should look for a breakout from the diagonal structure to confirm the bullish scenario.

Technical Analyst:Alessio Barretta