The Long Investor

$SHOP TOP 20

Added 2024-05-19 18:33:15 +0000 UTC

I was asked today in the chat group, whether I'd use some of my cash reserve to buy $SHOP and it's a good question.

The reason we have been building our cash reserve is to buy stocks that have completed their ABC correction and intend to add a number of positions that have done this and build our portfolio around these strong stocks....like we did with $AMZN, $ABNB and $DAL in 2023 till recently.

So $SHOP for us does qualify as a stock we like and has pulled back in 3 waves for its correction.

It is also holding at a very important support level too now on the 0.5 Fib, the price has also dipped into the Buy Zone this week too.

So first of all, those who have no issues using some cash reserve, should be considering a starter position here, with intention to Buy 5 times, with a DCA strategy.

If I continue to see support being held here, I will be tempted to use some cash reserve and add here this week.

$SHOP aligns perfectly for me as a long term hold and its strong affiliation with $AMZN is also something I like.

They may have to consolidate for a few months to build up their fundamentals but overall, I believe they will move up to our Wave 3 level at the 1.618 Fib over the next 1-2 years.