Shopify Inc (SHOP)TSX:SHOP
This company has a very big potential and I was expecting price to stop ascending to give it a shot.
SHOP trade ideas
SHOP: Short Term Correction Before We Hit $205 TargetObservations
We are currently in the intermediate 3rd wave of the major 5th wave.
Based on Elliott wave count, it appears that intermediate 3rd wave is complete which means we are due for a correction.
Expecting wave 4 to be a small correction within 0.236 - 0.382 fib zone as wave 2 was a very significant correction to 0.786 fib.
Target price for the intermediate 5th wave appears to be around $205.00 based on 1:1 ratio of the 1st wave.
Side Note: I absolutely love SHOP. It is definitely a great company to be holding long term. I have been in since $32.00 but have sold late October year for about $147.00 to reinvested those gains into my MJ stocks :)
Disclaimer
For informational purposes only and not deemed as financial advice
Possible Opportunity to short ShopifyShopify has had a great bull run and it's reached is peak, finishing with a large englufling candle, signaling a potential end to the bull run, followed by decreasing bull volume today.
RSI is at overbought levels although it should be noted that it has been much higher before, so we are still waiting for the reversal signal.
Look for it to challenge the $177 range on Monday and start falling along with an increase in bear volume. We are looking for a reversal in the MACD and a dip in RSI levels to signal our short opportunity.
SHOP Short Opportunity Soon$SHOP nearing the top of its ascending channel, touching the top Bollinger band and MACD and RSI approaching levels where historically they start to reverse. Could be a potential opportunity for a short term short, possibly next week or end of this week.
I would wait for a clear trend reversal before committing to a short.
Let me know what you guys think, would love some feedback.
Shopify - keep it on your watch list.Shopify - keep it on your watch list.
Entry now would be too early . Still looks like it has more downside to play out.
Look for a buy in the next month or so. Then watch it go.
I am new to Wave theory, so if I am wrong in my analysis, please offer some feedback. Thx.
