Shopify is coming into an important close this week. A close below the upper weekly bollinger band 1 std would signal a deeper sell off is likely. All previous closes below that upper band have led to a correction to at least the mid BB, which is currently 70.70 (moving up). This could be a key indicator in telling if Shopify has already bottomed.
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Weekly candle must close above $82.90 today or this is valid
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Not a good close, beneath the 200 week moving average and beneath the upper band. Shop should test, at minimum the mid band, and i think likely the lower band or the trendline.
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The last 3 major corrections for shop have been:
-32% -28% -28%
Currently Shop is -17%
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A weekly close above 76.50 could mean at least a short term bottom in place. If weekly closes below that then i believe 68.50 would be the next level of interest.
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technically above 76.50, but it wasn't very convincing
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correction now is about 22%, i'd target 67.50
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I officially have started a dollar cost AVG in SHOP, i would buy from here to $55, below that i would need to rethink the technicals. I will update chart when i see something interesting.
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Now we are getting into some juicy prices... i will 2x my DCA around the $60 area.
nice , i see , i hope panw and adobe crash more as well after i see some crazy deep buyers thanks
a_ag
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I believe that the major correction is more seasonal..being in October...for now, it might go back up
TORNADOF5
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the thing is , that i see ppls are keep buying every small deep , big money with no brain , i just see the guys with a lot followers are adding every time the stocks that they have are dumping ,this is crazy greed
Trippy_Capital
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Good idea
duduky23
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Can you please explain how you got 22% correction? Is it based on Fibonacci retracement?
Mausty
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@duduky23 % from high to current level. It’s gone up a bit since I did it
duduky23
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@Mausty, Got it, but what are you basing your calculation on? Thanks.
thanks