Short

SHOP SELL TERMINAL PATTERN

Updated

SHOP HAS RALLIED ABOUT 270% SINCE THE MARCH, 2020 LOW. NOW SHOP IS NEARING COMPLETION OF A RISING-WEDGE TERMINAL PATTERN. ALSO KNOWN AS AN ENDING DIAGONAL. WE EXPECT SELLING PRESSURE IN SHOP TO BEGIN TO ROLL-OVER AND THEN ACCELERATE DOWNWARD, INITIALLY INTO THE $800 TO $850 RANGE.

Trade closed: target reached

First Target reached at $922

Second Target at $898 is about where SHOP Bottomed today.

Third Target: $865, not yet reached.

Note

Covering shorts and selling puts in SHOP today. the Low so far is about $906 (Tuesday after Labor Day Weekend)

dropped so far about $250 and consolidating.

Note

3rd TARGET REACHED TODAY!!!!!!!!!

This is a good area to cover short positions and sell out of puts.

$800 to 850 was our primary target area on our chart.

There is still room for SHOP to continue declining.

Keep in mind that SHOP went from about $300 in March to $1146 on September 1st.

HeavyQuant

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