Elliott Wave Technical Analysis: Shopify, Monday, Feb. 13

Elliott Wave Analyst - tradinglounge • Feb 13, 2023 at 7:43 AM EST

Shopify Inc. is moving as expected from the last update. At this point there is reason to believe we have completed the three wave move which could either be wave B as labelled or else wave {a} of B to then have a deeper retracement.

Shopify Inc., Elliott Wave Technical Analysis

Shopify Inc., (SHOP): Daily Chart, Monday, Feb. 13

SHOP Stock Market Analysis: Moving as expected from the last update. At this point there isreason to believe we have completed the three wave move which could either be wave B as labelledor else wave {a} of B to then have a deeper retracement.

SHOP Elliott Wave Count: Wave (c) of B.

SHOP Technical Indicators:Above all averages.

SHOP Trading Strategy:Looking for further downside into either wave {i} of C or else wave (i)of {a}.

TradingLounge Analyst: Alessio Barretta

Shopify Inc., SHOP:4-hour Chart

Shopify Inc., Elliott Wave Technical Analysis

SHOP Stock Market Analysis: It seems like we have a complete five wave sequence into wave{c}. Looking for a clear five wave move to the downside before considering shorts.

SHOP Elliott Wave count: Wave {i} of C.

SHOP Technical Indicators: below 20EMA.

SHOP Trading Strategy:Looking for downside into wave C.

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