Spotify Technology S.A. (SPOT) – Daily chart
Technical analysis based on Elliott Wave theory
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave (iii) of {iii}.
Direction: Upside in wave (iii).
Details: This represents the most bullish scenario for SPOT, forecasting potential movement toward the $800 level as wave (iii) extends.
Spotify is demonstrating a strong bullish structure on the daily chart, situated in wave (iii) of a larger wave {iii}. This formation suggests increasing momentum and strong upside potential, with $800 acting as the expected price target under this scenario. The chart supports the impulse structure, reinforcing upward continuation in the near term.
Spotify Technology S.A. (SPOT) – One-hour chart
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave {v} of 5.
Direction: Upside in wave {v}.
Details: This more conservative outlook assumes wave {v} is now developing, with upside limited to $779, considering wave {iii} is shorter than wave {i}.
In the hourly timeframe, SPOT is moving within wave {v} of 5. With wave {iii} being shorter than wave {i}, upside is expected to cap at approximately $779, aligning with typical Elliott Wave guidelines. This count suggests a near-term high may soon form, followed by a likely corrective phase.
Spotify Technology S.A. (SPOT) Elliott Wave technical analysis [Video]
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