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.
Experts hold varied perspectives on Shopify (SHOP) stock for 2025. On one hand, some analysts recommend a moderate buy rating, citing a consensus price target of $120.94, which represents significant potential upside. Moreover, they emphasize Shopify’s recovery from earlier missteps, particularly its decision to sell the Shopify Fulfillment Network. This move, in turn, allowed the company to refocus and achieve profitability.
On the other hand, many believe that Shopify’s success will ultimately hinge on several critical factors. For instance, the continued growth of the e-commerce industry will play a pivotal role in its performance. Additionally, Shopify’s ability to innovate while maintaining efficient cost management will be key to sustaining its momentum. Despite the optimism, some caution remains, as market dynamics could still present challenges for the stock.
SHOP Elliott Wave View:
Shopify’s price movement within the Elliott Wave framework tells an engaging story. The Grand Supercycle ended in July 2021, completing wave ((I)). Afterward, the market transitioned into a flat corrective phase, marking the beginning of wave ((II)).
The first phase of this correction saw a three-wave decline, finishing at 128.46, which was wave (a). The market then rebounded above 164.88 in three additional waves, signaling a flat correction and culminating in wave (b) at 176.49. From there, Shopify’s price executed a flawless impulsive wave downward, reaching a low of 23.75. This move completed wave (c) and also marked the conclusion of wave ((II)).
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SHOP Daily Chart November 2024
In the chart at the time, the market broke the 56.31 low, invalidating the previous view. However, it did not break the 45.50 wave (II) low. As a result, wave II formed a double correction structure, which ended at the 48.56 low. The market then bounced, completing wave ((1)) at 84.37, followed by a pullback to 65.86, which marked the completion of the wave ((2)) correction.
Afterward, Shopify continued its rally, breaking the wave I high and indicating that wave III was underway. The structure resembled an impulse and appeared poised to move higher until the completion of wave III. At that time, the best strategy was to buy dips following a 3, 7, or 11 swings correction.
SHOP Daily Chart April 2025
In this latest update, we observed that Shopify (SHOP) completed waves ((3)), ((4)), and ((5)), marking the end of wave III. However, the correction was notably strong, entering the area of wave I. This invalidated the initial idea of a nest (I), (II), I, II. Instead, the structure aligned better with a leading diagonal labeled as wave (I).
Consequently, we identified wave III ended at the 129.38 high and wave IV at the 69.84 low. From this point, we expect that Shopify’s stock would continue rising, aiming for the area between 143.49 and 154.61. This zone would complete a cycle and wave V of (I). In this region, the market was expected to face rejection, initiating the corrective wave (II).
For now, maintaining a bullish outlook is essential, as long as the market does not break below the 69.84 low. Let’s see what the market brings us. Trade Smart!
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