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

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