Hi Traders! The chart above shows that the advance in Spotify from its September 2020 low has been taking the shape of the Elliot Wave five-wave impulse sequence, labeled (i)-(ii)-(iii)-(iv)-(v). The sub-waves of wave (iii) is also visible. The price action follows the guideline of alternation quite well, wave (ii) is a sharp and deep correction and wave (iv) unfolded as a shallow and sideway corrective pattern. If this count is correct, impulsive price action above $350.33 will signal wave (iv) is complete and SPOT is heading higher in wave (v) to complete the impulse sequence. Targets above wave (iii) high and 400/share is plausible in the weeks ahead.
What's your view on SPOT? Let me know in the comment. Thanks for reading! Veejahbee.
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