Shopify Inc.(SHOP:NYSE) Elliott Wave Technical Analysis August 22, 2022

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Shopify Inc., Elliott Wave Technical Analysis

Shopify Inc., (SHOP:NYSE): Daily Chart, August 22, 2022, 
SHOPStock Market Analysis:Moving lower as expected from the previous forecast on August 16. This should be wave (i) of {v} therefore I am looking for further downside. Red line is invalidation level.

SHOP Elliott Wave count:  Wave (i) of {v}.
SHOPTrading Strategy: Waiting for a larger pullback in wave (ii) to enter short.

SHOPTechnical Indicators:We are below all EMAs and we’hve had the 20EMA acting as resistance.

SHOPLatest News: While shareholders of Shopify (NYSE:SHOP) are in the black over 5 years, those who bought a week ago aren't so fortunate(Simply Wall St.)

TradingLounge Analyst: Alessio Barretta

 

 

 

ShopifyInc., SHOP: 4-hour Chart, August 22 2022, 

Shopify Inc., Elliott Wave Technical Analysis
SHOP Stock Market Analysis: Looking for a bounce in wave iv as a potential shorting opportunity.

SHOPElliott Wave count:  Wave iii of (i).
SHOP Technical Indicators: All technical indicators suggest for further downside.

SHOPTrading Strategy: Waiting for a pullback into wave iv which has to be a three wave pullback.