Welcome to our latest Elliott Wave analysis for Spotify Technology S.A. (SPOT) as of June 6, 2024. This analysis provides an in-depth look at SPOT's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on SPOT's market behaviour.
SPOT Elliott Wave Analysis Trading Lounge Daily Chart
Spotify Technology S.A. (SPOT) Daily Chart Analysis
FUNCTION: Trend
MODE: Impulsive
STRUCTURE: Motive
POSITION: Minor 5
DIRECTION: Upside in Minor 5
DETAILS: Looking for upside into Minor wave 5, 0.618 5 vs. 1 stands at $500. It’s also possible we have had wave {iv} instead of 4.
SPOT Elliott Wave Technical Analysis
In our Elliott Wave analysis of Spotify Technology S.A. (SPOT), we observe an impulsive trend characterized by a motive structure. SPOT is currently positioned in Minor wave 5, suggesting an upside movement. The target for 0.618 of wave 5 vs. wave 1 stands at $500. Additionally, there is a possibility that we have seen wave {iv} instead of wave 4, indicating the potential for further upward movement. Traders should monitor for continuation signals to confirm the development of Minor wave 5.
SPOT Elliott Wave Analysis Trading Lounge 4Hr Chart
Spotify Technology S.A. (SPOT) 4Hr Chart Analysis
FUNCTION: Trend
MODE: Impulsive
STRUCTURE: Motive
POSITION: Wave {iii}
DIRECTION: Completion in {iii}
DETAILS: Looking for wave {iii} to unfold nicely towards the end of MG2 at $330, with 1.618 {iii} vs. {i} at $337.
SPOT Elliott Wave Technical Analysis
On the 4-hour chart, SPOT is following an impulsive trend within a motive structure, specifically in wave {iii}. The current analysis indicates that wave {iii} is unfolding nicely towards the end of MG2 at $330, with the 1.618 projection of wave {iii} vs. wave {i} at $337. Traders should watch for completion patterns in wave {iii} and prepare for subsequent movements.
Technical Analyst: Alessio Barretta
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See Previous: Analog Devises Inc. (ADI) Elliott Wave Technical Analysis
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