SPOT Elliott Wave technical analysis – Daily chart
Analysis
Spotify (SPOT) appears to be in the later stages of a corrective flat pattern on the daily chart, forming Wave {iv} of the broader Wave 5 sequence. Price action has remained around the mid-line of a temporary parallel trend channel, suggesting limited downside pressure and a potential shift toward the next upward move. The corrective phase seems near completion, positioning SPOT for a possible bullish continuation into Wave 5.
SPOT Elliott Wave technical analysis – One hour chart
Analysis
The 1-hour chart highlights a possible ending diagonal developing within Wave (c) of {iv}, often indicating a correction is near exhaustion. If validated, this structure would signal the end of the corrective phase and a resumption of upward momentum toward the $800 target zone in Wave {v}. Traders should look for a breakout from the diagonal structure to confirm the bullish scenario.
