Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of NETFLIX , published in members area of the website. As our members know, NETFLIX has incomplete bullish sequence in the cycle from June 14th low. The Elliott wave structure has been calling for further strength. Consequently, we advised members to avoid selling NETFLIX and keep buying the dips in the sequences of 3,7,or 11 swings whenever opportunity presented itself. In further text we’re going to explain Elliott wave structure and trading setup.
NETFLIX 1 Hour Elliott Wave Analysis 3.7.2019
As we can see on the chart below, NETFLIX is doing wave ((ii)) black pull back, that is unfolding as (a)(b)(c) ZIGZAG Elliott Wave pattern. Break of June 24th peak made the Stock bullish against the 358.34 low. NETFLIX ended 5 waves up from the 358.34 low. Currently the price is doing pull back, when it still can see another leg down toward 371.08-368.36 ( blue box area). At mentioned area we like to be buyers for proposed rally or 3 wave bounce alternatively. Although we expect to see another leg down , we advise members to avoid selling against the main bullish trend. Strategy is waiting for mentioned area 371.08-368.36 to be reached, before entering long positions. As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. The main trend is bullish and we expect to see reaction in 3 waves up from the blue box at least.
NETFLIX 1 Hour Elliott Wave Analysis 7.2.2019
Buyers appeared right at the blue box when pull back completed at 370.28 low. The price made decent bounce so far and as a result members are now enjoying profits in risk free positions. Now, we would like to see break of ((i)) high to confirm next leg up is in progress. We favor the long side against the 358.34 pivot.
NETFLIX 1 Hour Elliott Wave Analysis 7.8.2019
NETFLIX has given us rally toward new highs as we expected. We adjusted labeling to fits better with the current price action. Current view suggests we have ended Elliott Wave Leading Diagonal from the 358.3 low and now correcting the cycle from that low. Pull back looks incomplete at this stage, suggesting another leg down toward 374.75-370.6 buyers area. At that blue box we would like to be buyers again. We don’t advise selling NETFLIX in any proposed pull back and keep favoring the long side- buying the dips in 3,7,11 swings.
Keep in mind that market is dynamic and presented view could have changed in the mean time. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room. You can check most recent charts in the membership area of the site.
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