NFLX Elliott Wave Analysis Trading Lounge

Netflix Inc., (NFLX) Daily Chart

NFLX Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave 4 of (5).

DIRECTION: Upside within wave 5 of (5).

DETAILS: Looking for a bottom in wave 4 in place or soon to be. Wave 3 is just a bit short of 1.618 3 vs. 1, looking for overall upside towards TradingLevel1 at 1000$.

(Click on image to enlarge)

Netflix Inc., (NFLX) 1H Chart

NFLX Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave {c} of 4.

DIRECTION: Bottom in wave {c}.

DETAILS: We seem to be close to a bottom in wave {c} as we have met equality of {c} vs. {a} at 889$. Looking for a turn higher to start having confirmation.

(Click on image to enlarge)

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*

Netflix is currently in Wave 4 of the larger wave (5). The correction within wave 4 is nearing completion, and we expect to see a bottom either already in place or forming soon. Wave 3 nearly reached the 1.618 extension of wave 3 vs. wave 1, indicating strong momentum in the previous move. The next move will likely be upside into wave 5 of (5), with the target around TradingLevel1 at 1000$.

* NFLX Elliott Wave Technical Analysis – 1H Chart*

On the 1-hour chart, we are tracking the completion of wave {c} of 4. The price has already hit equality of {c} vs. {a} at 889$, suggesting that a bottom is near or may already be in place. Confirmation of a bullish reversal will come when we see a strong turn higher, which would initiate wave 5.

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