NFLX Elliott Wave Analysis Trading Lounge

Netflix Inc., (NFLX) Daily Chart

NFLX Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave 3 of (5).

DIRECTION: Upside in wave 3.

DETAILS: Looking for continuation higher after a leading diagonal in wave 1 and a sharp correction in wave 2.

Netflix Inc., (NFLX) 1H Chart

NFLX Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave (b) of {ii}.

DIRECTION: Bottom in wave (c).

DETAILS: Looking for a move down in wave (c) of {ii} as we seem to be near completion of a triangle in wave (b). Equality of (c) vs. (a) stands at 735$.

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*

On the daily chart, Netflix appears to be in wave 3 of (5) within a larger impulsive structure. After completing a leading diagonal in wave 1 followed by a sharp correction in wave 2, the expectation is for further upside in wave 3, which is typically the strongest and longest wave within an impulsive sequence.

* NFLX Elliott Wave Technical Analysis – 1H Chart*

The 1-hour chart suggests that NFLX is completing a triangle in wave (b) within wave {ii}. The next move is likely a decline in wave (c) of {ii}, targeting equality between waves (c) and (a) around $735. Once wave {ii} finishes, the bullish momentum is expected to resume with a continuation higher in wave {iii}.

Technical Analyst: Alessio Barretta

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