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


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Shopify Inc., Elliott Wave Technical Analysis

Shopify Inc.,(SHOP:NYSE): Daily Chart, September 23 2022, 
SHOPStock 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}

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

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

TradingLounge Analyst: Alessio Barretta
 

SHOP_9_23.png.94b3d88567ed6cd653ca9282988bf640.png

 

 

 

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.

SHOPElliott Wave count:  (iii) of {v}

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

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

SHOP_4H.png.0074d11091e087945a6b137085df7ec5.png

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