SHOPIFY More downside to come. Where to buy?

Shopify (SHOP) has been trading within a Channel Up pattern since the October 13 2022 market bottom. It recently made a Higher High but not at the top of the pattern and started to pull-back, losing most of its strength and momentum as the 1D RSI dropped to 45.50 (neutral). The price is still above the 1D MA50 (blue trend-line), which keeps it bullish but in our opinion it won't be for long as it has started to resemble the pull-back after the December 02 2022 High.

That was on the Channel Up first bullish leg and it eventually pulled-back to the 0.5 Fibonacci retracement level, before the price rebounded again and almost reached the -0.382 Fib extension for a technical Higher High. Observe how similar the 1D RSI sequences are between the two.

As a result, we expect currently a downside as low as 60.50 (Fib 0.5) at least to test the 1D MA200 and then we will buy and target $94.00 (below the -0.382 Fib, projected +56% rise, which is 20% lower than the previous rise (+76.18%), similar to the difference the Feb 03 2023 High High had from its Dec 02 2022 High).

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