$SPOT - Possible Wave 5 ($300+ PT) Elliot Wave Analysis
Tony's Picks
I enjoy analyzing charts and have come across this interesting idea that I would like to share for discussion.
This daily chart for
SPOT shows textbook Elliot Wave Theory formations. Starting its IPO in 2018, Spotify immediately underwent a complete Elliot Wave Trend. Following this trend is a long Flat counter trend. In purple font color the standard 3-3-5 wave pattern that commonly makes up a Flat counter trend is shown. After the counter trend is complete a new Elliot Wave trend begins. Upon tracing a fib on wave 3 we can see a great support were we would expect at the .618 fib priced at $220. Since $220 support is held I see wave 5 beginning (or already begun) with upside of at least $300. Closely following this idea to see how it plays out.
***At time of writing this post I DID NOT own shares of SPOTIFY (SPOT)***
Curious if there are any thoughts and/or comments, I read all feedback!
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Click to my profile to see all my other posts for free stock analysis.
(Disclaimer: I am not a financial advisor and this is not investment advice, this is my opinion only and is solely for entertainment purposes)
I enjoy analyzing charts and have come across this interesting idea that I would like to share for discussion.
This daily chart for
SPOT shows textbook Elliot Wave Theory formations. Starting its IPO in 2018, Spotify immediately underwent a complete Elliot Wave Trend. Following this trend is a long Flat counter trend. In purple font color the standard 3-3-5 wave pattern that commonly makes up a Flat counter trend is shown. After the counter trend is complete a new Elliot Wave trend begins. Upon tracing a fib on wave 3 we can see a great support were we would expect at the .618 fib priced at $220. Since $220 support is held I see wave 5 beginning (or already begun) with upside of at least $300. Closely following this idea to see how it plays out.***At time of writing this post I DID NOT own shares of SPOTIFY (
SPOT)***Curious if there are any thoughts and/or comments, I read all feedback!
Thank you and if this content was useful to you please follow!
Click to my profile to see all my other posts for free stock analysis.
(Disclaimer: I am not a financial advisor and this is not investment advice, this is my opinion only and is solely for entertainment purposes)
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.