NFLX Elliott Wave Analysis Trading Lounge

Netflix Inc., (NFLX)

NFLX Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Flat

POSITION: Wave 4 of (5).

DIRECTION: Upside in wave 5.

DETAILS: We are looking at a potential bottom in wave {c} of 4 in place to then continue higher towards Trading Level 1 at 1000$.

Netflix Inc., (NFLX) 1H Chart

NFLX Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Flat

POSITION: Wave (ii) of {i}.

DIRECTION: Upside in wave (iii).

DETAILS: Looking for a bottom in wave {c} of 4 as we are seeing an increase in volume around the bottom suggesting it could be in place. Looking for a wave (ii) of {i} either in place or soon to be completed.

In this Elliott Wave analysis, we will review the trend structure of Netflix Inc., (NFLX) using both the daily and 1-hour charts to assess the current wave position and potential price movements.

* NFLX Elliott Wave Technical Analysis – Daily Chart*

We are watching for a potential bottom in wave {c} of 4, which suggests the corrective phase may be concluding. If the bottom is in place, we expect the price to resume moving higher towards TradingLevel1 at $1000 as wave 5 of the impulsive cycle begins.

* NFLX Elliott Wave Technical Analysis – 1H Chart*

We are looking for confirmation of the bottom in wave {c} of 4, with increasing volume near the lows suggesting it may already be in place. Once wave (ii) of {i} is either completed or nearly done, we expect a strong move higher into wave (iii) as the next phase of the uptrend begins to unfold.

Technical Analyst: Alessio Barretta

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