SHOP
SHOP is a BUY at current levelsLong SHOP. Shopify has gone down from $1800 to $660. Bases on the trendline and Fibonacci it looks like a buy. What are your thoughts?
SHOP bullish setup SHOP Thursday put in huge reversal candle w the rest of the market. Above average volume on the day. RSI bullish divergence noted. This looks ripe to test breakdown candle high in the 730 area, and then if it can really get going it can fill the gap up to 840. I saw a lot of 03/18 calls come through yesterday and today too. You could look for 03/18 800/840 call debit spreads here for a play on the potential gap fill i think
TSLA, Dilemma of Previous wave is the key for future move !Recognizing Wave relationships is a key step in decision making and adjusting expectations from the market.
TSLA, always shows some interesting aspect of wave relationships. Do we have a large degree completed wave cycle and inside a major correction which makes TSLA crash to unbelievable targets? Or we are experiencing a less amount of correction and will see new ATH before such a crash?
Answering to those questions needs going back and see what has happened in previous correction which began at former ATH 900.40 USD . Before taking a closer look to that correction lets see what we have for TSLA in Weekly chart.
Weekly chart which has been shown on lefts side suggest that TSLA's move from end of last correction dating back to 5 Mar 2021 or 19 May 2021 is onset of intermediate degree wave (5). If completed, this wave makes a primary degree wave 1 completed and calls for a major fall ! Is that a case? Is intermediate wave (5) and primary degree wave 1 completed? To answer this question wee need to take a closer look on daily chart and investigate previous correction and wave forms in more details.
Daily chart on the right side suggest two possible scenarios :
First and the best case one : Intermediate wave (4) correction has ended on 5th Mar 2021 at 539.49 USD. In this case 780.79 high on 14th Apr 2021 can be labeled as minor degree wave 1 (Terminal wave 1 which is not usual in Classic Elliott waves) , Low at 546.98 on 19th May 2021 can be labeled as wave 2 and ATH to be top of wave 3 . In this scenario , we are in minor degree wave 4 which showed flat correction so far ( which is well matched with SPX and NDX 100 flat correction scenarios, See related idea for NDX 100 ). For this scenario to be valid , we need a strong bounce back to new ATH from 770-813 Support zone .
If happens, I can strongly recommend you to close your long positions at new ATH or go short since there will be a major crash just like what happened to ETSY , SQ , SHOP in stock market or SOLANA in Crypto ( See related ideas ). This scenario was pre-requisite of my publication titled " Elliott waves, Possibility VS Certainty ".
Second and worst case scenario : Intermediate wave (4) correction has ended on 19th may 2021 at 546.98 USD with truncated wave C . A truncated wave C does not go below the low of wave A and this may be the case for TSLA's wave (4). If so, Intermediate wave (5) and primary degree wave 1 have already been completed and we are inside wave 3 of primary degree wave 2 which means TESLA may crash to strange prices !.
To me, Both are valid with the best case one to be the most probable. If 770-813 support can not protect the stock I will think about second most probable scenario ( which is worst case) more seriously and seek for taking a SHORT position in appropriate time. For now I have my eyes on the mentioned support zone.
This analysis shows clearly that decision making in stock market is never an easy task.
Hope this to be useful for you. Good luck.
SHOPIFY: Can the hole get bigger? The answer is YES!I would not want to be owning Shopify stock this year. I think we strike one more low to the .5 retracement and then bounce up to about $1000 for a B-Wave, before a final C-Wave down to the $210-$330 region. It will be a painful year for Shopify owners I believe. The move down so far does not resemble ABC structure. Also, it needs to be longer in terms of time. Good luck.
SHOP YEARLY 22 REVERSALWe are seeing most of the big names of 2020 head back to their pre-pandemic prices. $SHOP has triggered a 22 reversal on the yearly chart. My final pt is 305.30
Until then I'd hold off on dip buying. As you can see it's already down by $1000 from ATH and -53% on the year.
Refer to the strat combo sheet to see which set up I am referencing.
I'll forewarn that most of my charts will have bearish reversals with a select few having bullish set ups
This could hit 420Looks like it is heading towards 420. If it did, expect a huge bounce back of $100 or so once it hits 400-420 range.
SHOP: Is it a good idea to BUY the DIP?Hello traders and investors! Let’s see how SHOP is doing today! It is crashing after earnings, but is it now a good time to buy? After all, “buy when there’s blood in the streets”, right?
Personally, I always like to buy the dips, never the tops, however, as I like to say, there’s a right way of doing it – and there’s a wrong way. The charts can help us a lot here.
Yes, SHOP dropped from $ 1,700s to $ 700s, and it seems nothing can help it. This week, we filled a gap at $ 765, from June 2020, and this is interesting. Remember: Gaps work as magnets. This gap could become a very good support level for SHOP, however, we must always wait for confirmation.
So far, there’s not a single bullish reversal sign, and as far as I know, it still could drop more, to the next support at $ 683, so caution is advised. What could be a bullish reversal pattern? Any bullish candlestick pattern in the weekly chart, like a Bullish Engulfing, Piercing Line, etc. Alternatively, a bullish chart pattern in the daily chart, like an Inverted Head and Shoulders, a Bullish Pivot Point, Double Bottom, etc.
Let’s never buy something because it dropped too much, because it is near support levels, or it “looks oversold”. Let’s use technical analysis in our favor, as we can enhance the odds in our favor, and do the proper risk management using charts.
Either way, we must wait for more signs, but SHOP is a good stock to add to our watch list. I’ll keep you guys updated, so remember to follow me to not miss any of my future analyses.
SHOP Shopify First Price Target Reached On Feb 3rd i was writing this article saying that the price targets after the Feb 16th earnings are $715 and $531:
At that time, the price was $929. i know it seemed ridiculous.
But today the fist price target was reached and i have closed 50% of my position.
The Slowing Growth Outlook was the main catalyst for the selloff: "There is caution around inflation and consumer spend near term, for the full year.”, Shopify officials said, adding: "full year revenue growth will be lower than the 57% increase in 2021."
My price target for this year is $531.
Looking forward to read your opinion about it.
SHOP Shopify Price TargetsSHOP Shopify is not a negative earnings growth stock, but a strong company with a 27.47 EPS and a Price per Earnings of 36.70.
But will the impressive earnings continue on February 16th, when they report?
From my experience having an Shopify store, their fees combined with Paypal`s commissions are killing me. :)
So maybe i am a little bit bias targeting $715 and $531 price per share.
Looking forward to read your opinion about it.
Bullish Long-Term Channel $SHOPIt appears that SHOP is approaching the bottom of its long-term channel, with stochastics finding a floor as well. Earnings that include their record Black Friday/Cyber Monday are on tap tomorrow.
SHOP below $800 soonShopify has currently corrected about 50% from it’s peak and looks like there’s more selling ahead. A high growth name in inflationary environment, so odds are its gets hit more. There’s barely any support below $800, so probably expect it to flush once this bounce is done.
SHOP: You Always Have to Catch It Right Nice double bottom formed on Friday, but am looking to get another stab at this at $780-800 early next week. I think the trade is buying at $785 area. Options too expensive for me M-W so will see where its at Thursday/Friday. I will take a trade like that if I really like where the growth is going.
The $850c against $785 would be my area of interst. Over $875 we can see $950 easy.
Shopify ~ ShopShop here looks like it's a falling knife to the downside and could be targeting the very low 700 range with a break at 790. Been brutally murdered.
Shop is almost at the buyzone around 1220 and then up from thereShop is going to reverse at the 1.272 Fibonacci and demand zone
Shopify sinking..!if SHOP has lost 50% of its value in 42 days, do not be surprised if it lost another 30% from current prices in less than 1 month!
Best,
Moshkelgosha
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TechaverseThe probability of a tech recovery is increasing. The sky isn't falling yet and inflation is going to be assumed to be peaking. Plus the end of the pandemic is in sight. Sentiment might start to shift soon. There are risks, as there always are, but they can be delayed much longer than expected and aren't much different than usual. Here are some names I am interested in at these levels
Adobe
Amazon
Shopify
Google
Metabook
