$SPOT - Possible Wave 5 ($300+ PT) Elliot Wave Analysis

2020年10月15日

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)***

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(Disclaimer: I am not a financial advisor and this is not investment advice, this is my opinion only and is solely for entertainment purposes)