Shopify: Rally and Pullback

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Shopify shares have recently gained fresh momentum to the upside, but then faced a notable pullback last week, which has since been partially recovered. Currently, we see SHOP in the third stage of a magenta-colored downward impulse, with a corrective move to the upside unfolding at a lower degree. We expect this rally to top out in our red Target Zone ($147.15–$165.54), from where price should turn lower again.

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