Spotify (SPOT): A Technical Approach Using Elliott Waves

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:

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