Elliott Wave Technical Analysis: Shopify Inc. - Friday, March 17

By Peter Mathers of Trading Lounge

Elliott Wave Analyst - tradinglounge • Mar 17, 2023 at 8:51 AM EDT

Looking for sideways continuation in wave (iv).

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Shopify Inc., Elliott Wave Technical Analysis

Shopify Inc., (Nasdaq: SHOP): Daily Chart, 17 March 2023.

SHOP Stock Market Analysis: the overall count has not changed since the last update. We are still looking for further downside into wave (v) the alternate would be a three wave move to the upside to then resume lower.

SHOP Elliott Wave Count: Wave (iv) of {i}.

SHOP Technical Indicators: At the cross of 20 and 200EMA.

SHOP Trading Strategy: Waiting for a potential triangle in wave (iv).

Analyst: Alessio Barretta

Shopify Inc., SHOP: 4-hour Chart, 17 March 2023.

Shopify Inc., Elliott Wave Technical Analysis SHOP Stock Market Analysis: The initial move higher into wave (iv) appear to be a three wave move which gives us the confirmation we are in a corrective structure. Looking for a sideways movement to confirm the count, without breaking the red line.

SHOP Elliott Wave count: Wave (iv) of {i}.

SHOP Technical Indicators: Above all averages.

SHOP Trading Strategy: Looking for sideways continuation in wave (iv).

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