Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of NETFLIX (NFLX) stock, published in members area of the website. As our members know, NETFLIX made New All-time high recently. The price has been showing impulsive structure in the cycle from the 290.47 low. Consequently ,we advised members to avoid selling NFLX and keep on buying the dips in the sequences of 3,7,or 11 swings whenever get chance In further text we’re going to take a look at the past charts and explain Elliott Wave Forecast and trading strategy.
NFLX 1 Hour Elliott Wave Analysis 4.17.2020
NFLX is bullish against the 357.9 low. We have already got 3 waves down from the peak. The price has reached equal legs area ((w))-((x)) that comes at 417.65-404.48 ( buyers zone) . At the marked Blue Box we like to be buyers for proposed rally or 3 waves bounce at least. As soon as the price reaches 50 Fibs against the ((x)) high, we should make Long Positions risk free. We don’t recommend selling and favor the long side.
NFLX 1 Hour Elliott Wave Analysis 4.20.2020
NFLX found buyers at 417.65-404.48, the Blue Box area. We got nice reaction from there. Current view suggests pull back ended at 414.8 low. Once the price above 3 red peak, we will get confirmation that next leg up is in progress. We don’t recommend selling NFLX in any proposed pull back. We like staying long in Risk Free positions from that area, looking for further strength toward new highs ideally.
NFLX 1 Hour Elliott Wave Analysis 4.23.2020
414.8 low held nicely during the short term pull backs. NFLX made rally toward new highs as we expected. Cycle from the 290.47 low ended as 5 waves structure at the 485.19 peak. Current view suggests the stock is doing 3 waves bounce ABC red against the mentioned peak. Once (B) blue recovery completes we can get another leg down within pull back against the 414.8 low.
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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