Shopify Inc. Elliott Wave Technical Analysis August 16, 2022

Elliott Wave Analyst - tradinglounge • Aug 16, 2022 at 5:21 AM EDT

What can Elliott Wave Technical Analysis tell you about Shopify stock, today? Trading Lounge tells you al you need to know.

Shopify Inc., Elliott Wave Technical Analysis

Shopify Inc., (SHOP): Daily Chart, August 16, 2022,
SHOPStock Market Analysis: Looking for continuation lower into wave {v}. Potential wave {iv} is taking quite some time which could have been predicted due to the fact that wave {ii} was a sharp correction therefore because of the rule of alternation wave {iv} had to be time consuming.

SHOP Elliott Wave count: Wave (c of {iv}.
SHOPTrading Strategy: Waiting for further confirmation to start building shorts. We need to break wave iv of (c.

SHOPTechnical Indicators:We are well below the 200 EMA and we are starting to form RSI bearish divergence.

SHOPLatest News: Shopify Inc. (SHOP) is Attracting Investor Attention: Here is What You Should Know(Zacks Equity Research)

TradingLounge Analyst: Alessio Barretta

ShopifyInc., SHOP: 4-hour Chart, August 16 2022,

Shopify Inc., Elliott Wave Technical Analysis
SHOP Stock Market Analysis: Looking for further downside to start wave (i) of {v}.

SHOPElliott Wave count: Wave (i) of {v}.
SHOP Technical Indicators: We barely touched the 200 EMa and found resistance from it. Looking for a break and a retest of the 20 EMA( red line).

SHOPTrading Strategy: Waiting for additional confirmation i.e. the break of wave iv of c) .

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