Shopify Inc.(SHOP:NYSE) Elliott Wave Technical Analysis September 23 2022

Elliott Wave Analyst - tradinglounge • Sep 23, 2022 at 6:31 AM EDT

Moving as expected, looking for further downside to complete wave {v}. We have a lot of room to the downside as we break wave {iii}.

Shopify Inc., Elliott Wave Technical Analysis

Shopify Inc.,(SHOP): Daily Chart, September 23 2022, SHOP Stock Market Analysis: Moving as expected, looking for further downside to complete wave {v}. We have a lot of room to the downside as we break wave {iii}.

SHOP Elliott Wave count: (iii) of {v}

SHOP Trading Strategy: Looking to place shorts with a safe stop below red line.

SHOP Technical Indicators: We are below all averages as well as in oversold territory.

Trading Lounge Analyst: Alessio Barretta

(Click on image to enlarge)

Shopify Inc., SHOP: 4-hour Chart, September 23 2022

Shopify Inc., Elliott Wave Technical Analysis
SHOP Stock Market Analysis: Looking for continuation lower in wave (iii) as well as an acceleration to the downside.

SHOP Elliott Wave count: (iii) of {v}

SHOP Technical Indicators: All technical are in favor of further downside.

SHOP Trading Strategy: Place short trade with a more aggressive stop below red line.

(Click on image to enlarge)

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