$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!
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)
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)