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Shopify Inc.(SHOP:NYSE) Elliott Wave Technical Analysis August 16, 2022


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Shopify Inc., Elliott Wave Technical Analysis

Shopify Inc., (SHOP:NYSE): 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

SHOP_8_16.png.74aad7b22ba1a1c5f1d7436e5fb11191.png


 

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) .

SHOP_4H.png.82916b0787944bda8f849b6c64f03f9c.png

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