In this analysis, I'll be taking a purely technical approach in analyzing Spotify (SPOT), using Elliott wave counts.
Analysis - We can see that overall, the stock is in a clear uptrend - It has completed wave 2 on the primary degree, and continues to rally through impulse waves - It formed an Elliott triple combo wave (WXYXZ) for the second primary wave, consolidating within a mild megaphone pattern - While it seems like the momentum has topped out for now, as we wait for the fourth wave on the minuette degree, we could expect a bounce near the ichimoku cloud support - We could anticipate the last impulse wave on the minuette degree ending near the 1.618 fibonacci retracement resistance, near $376 - This would also mark the completion of the first impulse wave on the intermediate degree
For educational content regarding Elliott Impulse Wave counts, check out my previous post below:
If you like this analysis, please make sure to like the post, and follow for more quality content! I would also appreciate it if you could leave a comment below with some original insight :)
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.