Elliott Wave Technical Analysis: Shopify Inc. - Tuesday, March 21

red and blue light streaks

Photo by Maxim Hopman on Unsplash

Shopify Inc.,(Nasdaq: SHOP): Daily Chart, 21 March 2023.

SHOP Stock Market Analysis: Shopify keeps moving sideways as expected, as it stays between 20 and 200EMA. As long as we do not break the red line we can assume we will be seeing a further downside.  

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).

Shopify Inc., SHOP: 4-hour Chart, 21 March 2023.

Shopify Inc., Elliott Wave Technical Analysis

SHOP Stock Market Analysis: We keep moving sideways in a three wave manner, which confirms the fact we are in a corrective structure. We are moving between the 50% and 38.2% retracement of (iii).  

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

SHOP Technical Indicators: Above all averages.  

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

More By This Author:

Trading Stocks: SP500 Elliott Wave Analysis
Elliott Wave Technical Analysis: DexCom Inc.
Elliott Wave Technical Analysis: Commodity Markets - Monday, March 20


How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.