Shopify, Shop.to

shop

The first time I looked at this stock I already thought it was grossly overvalued. That may still be the case but at a P/E of “only” 31 that may no longer be the case.

This is a model/classic EW pattern which basically amounts to 5 up and A down chosen the most pessimistic interpretation. This would mean that wave B would start any moment to form the B of an A-B- correction. This would start once A down is done which, if it equals the of 2 up, would be at about $37

This is potentially a great opportunity as wave B typically retraces 1/3 or all of wave A. The wave 4 of A is always a good level to aim for which is somewhere in the neighbourhood of $90+ implying a doubling or almost tripling of your money.

Practically speaking buying right now would be fine as well.

Just remember that this blog does not give investment advise and is solely to be used for entertainment purposes.