SHOP headed for a deeper correction?

Updated

Shopify is coming into an important close this week. A close below the upper weekly bollinger band 1 std would signal a deeper sell off is likely. All previous closes below that upper band have led to a correction to at least the mid BB, which is currently 70.70 (moving up). This could be a key indicator in telling if Shopify has already bottomed.

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Weekly candle must close above $82.90 today or this is valid

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Not a good close, beneath the 200 week moving average and beneath the upper band. Shop should test, at minimum the mid band, and i think likely the lower band or the trendline.

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The last 3 major corrections for shop have been:

-32%
-28%
-28%

Currently Shop is -17%

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A weekly close above 76.50 could mean at least a short term bottom in place. If weekly closes below that then i believe 68.50 would be the next level of interest.

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technically above 76.50, but it wasn't very convincing

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correction now is about 22%, i'd target 67.50

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I officially have started a dollar cost AVG in SHOP, i would buy from here to $55, below that i would need to rethink the technicals. I will update chart when i see something interesting.

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Now we are getting into some juicy prices... i will 2x my DCA around the $60 area.

Mausty

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