Shopify: Moved Higher, Then Slipped

Shopify was recently able to achieve further gains but then lost its footing and slipped noticeably lower. Only recently did the first signals to the upside begin to emerge again. We currently see SHOP in a corrective upward movement, which should fade in our red Target Zone ($147.15–$165.54). After that, the price should continue the ongoing downward impulse and initially move below the support at $85.65. In our alternative scenario, SHOP would no longer reach the red Target Zone but would instead sell off directly below the support at $85.65 (probability: 33%).