SPOT Elliott Wave Analysis – Trading Lounge Daily Chart

Spotify Stock Forecast, Elliott Wave Technical Analysis

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

SPOT Elliott Wave Technical Analysis 

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave {i} of 5

DIRECTION: Upward movement in wave 5

DETAILS: The chart highlights a strong bullish continuation, with Minute wave {i} of Minor wave 5 nearing completion.

Spotify’s daily Elliott Wave structure signals continued strength in the upward trend. The stock is currently forming Minute wave {i} within the broader Minor wave 5, aligning with bullish price action. As wave 5 unfolds, traders often witness accelerating gains. Provided the price holds above support during pullbacks, the overall uptrend is expected to persist.

Spotify Technology S.A. (SPOT) Elliott wave Analysis – 1-Hour Chart

SPOT Elliott Wave Technical Analysis – Intraday View

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave (v) of {i}

DIRECTION: Nearing the top of wave {i}

DETAILS: Final push in wave (v) in progress, with resistance likely near $650.

On the 1-hour chart, SPOT is in the final stage of wave (v) within Minute wave {i}, suggesting the current short-term rally is approaching exhaustion. A reaction near the $650 resistance level is anticipated, possibly leading to a temporary pause or minor pullback. Once the five-wave sequence wraps up, a retracement in wave {ii} could unfold.

This dual-timeframe Elliott Wave analysis of Spotify provides a comprehensive view: bullish momentum dominates the daily chart, while the intraday setup hints at a potential short-term correction after the current advance completes.

Technical Analyst: Alessio Barretta

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