Shopify -Follow-up
CMP 26
The stock was split 1:10. In April, covered it at 428 (i.e. 42.8 as per current structure) and projected it to go near COVID-low ie. 31.2 .
Well it has gone beyoond that .
Currently it seems to Vth of wave A. Some more space is there for Vth to be completed.
Then a B wave bounce should follow - or if broader US markets start counter-trend bounce, it can complete Vth here only (Vth waves many a times don’t achive their targets).
Once B wave bounce is over then C wave down should follow. How far C wave would go would depend how much B wave bounce happens.
We can project C wave targets but many a times we ourselves get scared of absurdity of our projections (absurdly high or absurdly low ) . Hence we would avoid to project any price (down -level ) at this juncture.
Just compare it with the prices of stocks of online retailers in Indian market e.g Nykaa . May be Shopify’s valuation is telling something to us !
Disclaimer :This post is just a for learning few methods of price-patetrns. Views are personal. No buy/sell recommendations. These are probability study methods and chances of success/failure depend upon various factors
| Subscribe To Our Free Newsletter |
