Netflix ticker symbol: $NFLX short-term Elliott wave analysis suggests that the pullback to $335.67 low ended intermediate wave (2) pullback. The internals of that pullback unfolded as a Flat correction. Where Minor wave B bounce ended in 3 swings at $374.09 high. Down from there, Minor wave C unfolded in 5 waves impulse structure. And the initial decline to $360.01 low ended Minute wave ((i)). Up from there, Minute wave ((ii)) ended at $364.50, Minute wave ((iii)) ended at 341.60. A bounce to $350.54 high ended Minute wave ((iv)). Then finally a move lower to $335.67 low ended Minute wave ((v)) and completed Minor wave C of (2).
Up from there, the stock is showing higher high sequence favoring more upside within intermediate wave (3). Where the initial rally to $374.09 high ended Minute wave ((i)). The internals of that rally higher unfolded as 5 waves structure with lesser degree cycles showing sub-division of 5 waves structure in its leg higher i.e Minutte wave (i), (iii) & (v). Down from $374.09 high, the stock did a 3 wave pullback as zigzag correction & completed the Minute wave ((ii)) at $350 low. After reaching the blue box at $355.68-$348.48 100%-161.8% Fibonacci extension area of Minutte wave (a)-(b).
Above from there, the stock has made a new high above $374.09 high suggesting that next leg higher can have started. Near-term, while dips remain above Minute wave ((ii)) low ($350) and more importantly above $335.67 low the stock is expected to resume the upside. Alternatively, if it breaks below Minute wave ((ii)) low ($350) then it can be doing a Flat correction from $374.08 high still within Minute wave ((ii)) before resuming higher again provided the pivot at $335.67 low stays intact. We don’t like selling it and prefer more upside against $335.67 low.
Netflix 1 Hour Elliott Wave Chart
