SHOP, At What Prices May This MAJOR Correction End?
Updated
How far SHOP can go down? There will be a bounce ? If yes at what possible prices?
We accurately predicted the stock path several weeks ago by means of Elliott waves and called for a Big Short at ATH ! What is next?
Currently SHOP is in a MAJOR correction. SHOPIFY completed a primary degree wave cycle which was started at 18.48 USD on Jan 2016 at its ATH (1762.92). This wave cycle lasted for 6 years and showed 95 times growth from the very bottom to the very top.
Since then , Stock started a correction to that cycle which is primary degree wave 2. This is really a sharp decline. As shown on the chart It is now reaching to 50 % Retracement of primary wave 1 at 890 USD. Possible labels in correcting patterns are shown on the chart. It is not know at this time which labels ( e.g 1 or A ) is a true one. We have to wait for correction waves to unfold in order to decide between them.
Can it go further down even lower than 50 % Retracement? Of course it can ! I am afraid to say that Unfortunately most possible Retracement for large degree wave 2s is 0.786 level. If this happens SHOPIFY may see unbelievable 391 USD at the end of correction. For now lets hope for higher Fibonacci levels e.g 0.618 Golden Ratio at 684 USD.
Although It is possible for the correction to end at all shown Fibonacci levels , I tried to give them a probability ( As I see) by means of thickness of arrows with narrowest to be least probable and thickest to be the most.
Good news for long term investor and holders is next long term bull run which is primary wave 3 will push the price up to above 3000 USD !
We keep it in watch and go shopping in appropriate time ! Lets follow !
We accurately predicted the stock path several weeks ago by means of Elliott waves and called for a Big Short at ATH ! What is next?
Currently SHOP is in a MAJOR correction. SHOPIFY completed a primary degree wave cycle which was started at 18.48 USD on Jan 2016 at its ATH (1762.92). This wave cycle lasted for 6 years and showed 95 times growth from the very bottom to the very top.
Since then , Stock started a correction to that cycle which is primary degree wave 2. This is really a sharp decline. As shown on the chart It is now reaching to 50 % Retracement of primary wave 1 at 890 USD. Possible labels in correcting patterns are shown on the chart. It is not know at this time which labels ( e.g 1 or A ) is a true one. We have to wait for correction waves to unfold in order to decide between them.
Can it go further down even lower than 50 % Retracement? Of course it can ! I am afraid to say that Unfortunately most possible Retracement for large degree wave 2s is 0.786 level. If this happens SHOPIFY may see unbelievable 391 USD at the end of correction. For now lets hope for higher Fibonacci levels e.g 0.618 Golden Ratio at 684 USD.
Although It is possible for the correction to end at all shown Fibonacci levels , I tried to give them a probability ( As I see) by means of thickness of arrows with narrowest to be least probable and thickest to be the most.
Good news for long term investor and holders is next long term bull run which is primary wave 3 will push the price up to above 3000 USD !
We keep it in watch and go shopping in appropriate time ! Lets follow !
Note
It lost 0.618 Golden ratio retracement level and still goes lower without any considerable counter trend correction! Shop may see even more unbelievable prices at the end of correction.Note
What we suggested as BIG SHORT on our first publication on SHOPIFY was a huge one !Note
SHOP made a new low and goes down to next Fibonacci level at 391 USD !Note
Target reached and still no bullish sign in the stock !!
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