My count sees upside for this US stock. I have been conservative on my 5th wave targets but the 3rd wave only extended to the 1.41 Fib so there is a chance of a 5th wave extension. Somewhere above 50 is possible here in my opinion.
I'm long the 20jan 45 calls of shopify, and already in profit.
this stock seems to be a clean and clear breakout and possible profit target is 57 area.
if you'd be long on the 01.06.17 (m/d/y) you should have put your stop loss around 44 area, and if you 'd still be holding your position it would be ok to move your stop to 45-46 area now.
SHOP is a relatively new public company, but it has traded in a rather wide
range since its IPO last year. Like a lot of the market, it may be a little extended in the near term after rallying almost 70% from its February low, but near $70 looks like a good place.
