Spot Elliott Wave Technical Analysis
Function: Orient yourself.
Fashion: Impulsive.
Structure: Pattern.
Position: Wave {III} of 5.
Direction: Upsy in wave {III}.
Details: A background in wave 4 seems established. We are now looking for a bullish movement in the {III} wave of 5. A tradinglevel model above $ 650 could confirm the higher continuation.
Overview of the analysis of daily graphics
The daily analysis of Elliott Spotify (spot) waves reflects a continuation of the upward trend, because the wave 4 seems to be over. The market configuration now suggests the start of the {III} wave of 5, generally the strongest phase of a motive sequence.
Traders should monitor a confirmed escape model above the psychological level of $ 650. This would support the case for more increase and report the strengthening of the current trend.
Spot Elliott Wave Technical Analysis
Function: Orient yourself.
Fashion: Impulsive.
Structure: Pattern.
Position: Vague V of (i).
Direction: Upsy in the wave (i).
Details: On the lower time, we follow the subdivision of the wave {III}. The stock can form a vague (i) of {iii}, or already in the {iii} wave, which could align in length with the {i} wave. Another higher extension would indicate the development of waves {v}.
Summary of the one hour graphic
Intraday action supports the bullish structure, strengthening daily perspectives. The current movement is probably the vague (i) of {iii}, with the action of prices potentially targeting equality with previous pulse segments. If confirmed, Wave {v} could deliver the next ascending extension in this pulse sequence.
Conclusion
The two deadlines suggest that Spot is in the first stages of a renewed bullish cycle. Monitoring confirmation around $ 650 is essential to validate the number of waves and potential long positions.
Spotify Technology SA (spot) US Stocks Elliott Wave Technical Analysis [Video]
