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

Spotify (SPOT) Daily Chart Analysis

SPOT Elliott Wave Technical Outlook

FUNCTION: Counter-Trend

MODE: Corrective

STRUCTURE: Flat Pattern

POSITION: Wave {iv} of 5

DIRECTION: Bottom formation likely in Wave {iv}

SPOT Daily Chart Technical Analysis:

Spotify (SPOT) shows signs of being in the final phase of a corrective flat pattern, currently forming Wave {iv} within the larger Wave 5 trend on the daily chart. Price movement is hovering near the mid-line of a temporary parallel trend channel, implying constrained downward momentum. This setup indicates that the correction is nearly over, paving the way for a potential bullish breakout and continuation into Wave 5. This analysis favors a shift toward upward price action, supporting long-term bullish sentiment in SPOT stock.

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

SPOT Short-Term Elliott Wave Technical Outlook

FUNCTION: Counter-Trend

MODE: Corrective

STRUCTURE: Flat Pattern

POSITION: Wave (c) of {iv}

DIRECTION: Bottom formation expected in Wave {iv}

SPOT 1-Hour Chart Technical Analysis:

The 1-hour Elliott Wave chart of Spotify (SPOT) suggests a possible ending diagonal pattern developing within Wave (c) of {iv}. This pattern typically forms near the end of corrections, indicating a potential bullish reversal. A confirmed breakout above the diagonal resistance line would signal the completion of the corrective phase and the beginning of a new impulse wave toward the projected $800 level in Wave {v}. Traders should closely watch for breakout confirmation to align with the bullish forecast in SPOT stock price.

Technical Analyst: Alessio Barretta

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See Previous: Advanced Micro Devices Inc. (AMD) Elliott Wave Technical Analysis

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