Spotify (SPOT) Elliott Wave analysis [Video]

Spotify (SPOT) Elliott Wave Analysis | Trading Lounge Daily Chart

SPOT Elliott Wave Technical Analysis

FUNCTION: Counter-Trend
MODE: Corrective
STRUCTURE: Flat
POSITION: Wave iv of 5
DIRECTION: Potential bottom forming in Wave iv

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.

Spotify (SPOT) Elliott Wave Analysis | Trading Lounge 1-Hour Chart

SPOT Elliott Wave Technical Analysis

FUNCTION: Counter-Trend
MODE: Corrective
STRUCTURE: Flat
POSITION: Wave (c) of iv
DIRECTION: Possible bottom formation in Wave iv

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.