Shopify Inc. is a Canadian multinational e-commerce company headquartered 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 February 2023
Shopify ended a Grand Supercycle in July 2021 and we labelred 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. Dowm 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)). Market bounced from this low and we are expecting to continue higher to reach 2021 prices again. (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory).
SHOP 4H Chart February 2023
Since rally, SHOP has made 4 swings higher and it needs one more higher to complete a leading diagonal from 23.75. Wave ((1)) ended at 45.08. Wave ((2)) zigzag correction ended at 32.36 and resume the uptrend. 5 swing higher it completed an impulse at 54.68 as wave ((e)) and currecly we are developing wave ((4)) lower. Wave ((4)) could be done at 42.91, but we cannot rule out more downside before a bounce. Near term, we are expecting to break 54.68 higher to complete a leading diagonal as wave I. Then, we should see a pullback in 3, 7 or 11 swings before a new rally begins. The view is valid as Shopify stays above 23.75.
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