SPOTIFY (Y22.P1.E1).Has a deep correction finished

Hi All,

I saw someone tweet that its time to buy Spotify and something about Joe Rogan.
When people sell off in such a way, its usually to fear.

I think this is a typical selloff after its reached its target and the cycle it to start again, reaccumulation.

The fib and the previous resistance level makes sense to enter and also can be a bear trap as a descending wedge could play out.
I will not mention when to buy but 157 looks like a good level. One might wait to place 2 levels of orders... at 157 and the other, after you see a bounce and a regain of the level as per my price path on the chart.

Also note how RSI on the daily is way down below oversold conditions.


All the best,


S.SAri

Order cancelled:

no bounce to retest that desired level, so no trade.