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Shopify Inc.(SHOP:NASDAQ) Elliott Wave Technical Analysis 21 March 23


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Shopify Inc., Elliott Wave Technical Analysis

Shopify Inc.,(SHOP:NASDAQ): Daily Chart, 21 March 23,

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

TradingLounge Analyst: Alessio Barretta

 

SHOP_3_21.png.3c4e7dde4c386f0900a185e1fe31167a.png

 

Shopify Inc., SHOP: 4-hour Chart, 21 March 23,

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).

SHOP_4H.png.b901b5ef731c97b7c7f4cecc8075a07c.png

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