To The Moon

Shopify Inc. is a Canadian multinational e-commerce company in Ottawa, Ontario. Shopify (SHOP) is the name of its proprietary e-commerce platform for online stores and retail point-of-sale systems. The Shopify platform offers online retailers a suite of services including payments, marketing, shipping and customer engagement tools.

SHOP Daily Chart July 2023

SHOP Daily Chart July 2023

Shopify ended a Grand Supercycle in July 2021 and we labeled it as wave ((I)). Since then, It entered in a flat correction as wave ((II)). Three swings drop ended at 128.46 as Wave (a). Then market breaks above 164.88 in another 3 swings suggesting a possible flat correction and we labeled wave (b) at 176.49. Down from this price, SHOP built a perfect impulse lower completing a big short at 23.75 and we labeled as wave (c) and also wave ((II)). (If you want to learn more about Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).

A year ago, we built an impulse from 2022 low with an extension in wave III. At the end, we looked for a new extension in wave V to complete wave (I) while price action remains above 60.22 low. Then. the market should be rejected and turned lower in 3, 7 or 11 swings correction as wave (II) and continue the rally again. The view was valid as the market stays above 23.75.

SHOP Daily Chart July 2024

SHOP Daily Chart July 2024

En el grafico, podemos ver que la extensión en la onda V no resulto, terminando en el alto de 71.43 y también la onda (I). El mercado rompió por debajo de 60.22 indicando que la onda (II) había llegado. Esta onda (II) desarrollo una corrección zig zag y termino en el bajo de 45.50. Desde aquí, SHOP continuo al alza terminando otro impulso como onda I en 94.57. Luego volvió hacer otra corrección y la llamamos onda II en el bajo de 56.31 formando el nido. Actualmente, esperamos continuar al alza para completar otro impulso como onda ((1)) y otra correction ((2)) para hacer otro nido hasta que el mercado decida continuar con el rally. Ahora, The view was valid as the market stays above 56.31 low.

In the chart, we can see that the extension in wave V did not work, ending at 71.43 high and also wave (I). The market broke below 60.22 indicating that wave (II) had arrived. This wave (II) developed a zig zag correction and ended at 45.50 low. From here, SHOP continued up ending another impulse as wave I at 94.57 high. Then, it did another correction and we called it wave II at 56.31 low forming the nest. Currently, we expect to continue up to complete another impulse like wave ((1)) and another correction ((2)) to make another nest until the market decides to reusme the rally. Now, The view was valid as the market stays above 56.31 low.

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Source:https://elliottwave-forecast.com/stock-market/shopify-shop-nesting-looking-rally/