Shopify $SHOP has been on a dramatic rally since the end of 2018 when price bounced off a consolidation support around $119. Since then, price has more then tripled when price reached $408 in late August. SHOP Daily Chart(click to enlarge)Bearish Correction?- As we can see on the daily chart, price retreated sharply from the $408 level with relatively strong volume. - This decline cracked a rising trendline from April. - The thing is price is still above the 200-day simple moving average and the overall picture still looks bullish.- Still, I would not be surprised if SHOP has entered a period of consolidation and bearish correction.- The 9/13 session bearish candle is indicative of bearish control, so I think the bearish correction will extend to at least $300. I can see some support here at this psychological level and Fibonacci retracement level of 38.2%.- However, if I am thinking of having some exposure in SHOP, I would only start around $$250, where price would be close to the 200-day simple moving average (SMA).- The $250 area would be between the Fibonacci retracement levels of 50% and 61.8%.- I would even have dry powder ready for the 78.6% retracement area, around $180, which is near a previous consolidation resistance and 2018-high.