Netflix stock symbol: (NFLX ) Short Term Elliott Wave view suggests that the decline from January 29.2018 peak 286.70 to decline to 236.16 low on February 09.2018 low ended Cycle degree wave IV. Above from there, the rally has resumed higher by a break above 286.70 high in Cycle degree wave V looking for more upside extension. Also, it’s important to note that the stock is having a bullish stamp in below 1-hour chart, which represents the incomplete bullish sequence to the upside. The cycle from 236.13 also looks to be unfolding as an Elliott wave Impulse sequence when each leg has an internal distribution of 5 waves with extension thus favoring it to be an Elliott wave impulse.
A rally from February 09.2018 low to 286.53 ended Intermediate wave (1) in 5 waves, where internals unfolded in Minor wave 1 at 257, Minor wave 2 ended at 249. Minor wave 3 ended at 285.81 and Minor wave 4 ended at 276.61. Below from 286.53 high the stock did 3 waves back and ended the Intermediate wave (2) pullback at 274.36 low as an Elliott Wave Zigzag structure. Above from there, the stock has managed to make a new high above 286.53 confirming the next extension higher in Intermediate wave (3) higher. Calling for more upside extension initially towards 299.43-304.25 ((v))=((i)) extension area to end the Minor wave 1 of (3) in 5 waves. Afterwards, the stock is expected to do a pullback in Minor wave 2 of (3) against 274.36 in 3, 7 or 11 swings before further upside extension towards 324.90-336.79 is seen in next couple of days. We don’t like selling it and prefer buying Minor wave 2 pullback when seen in 3-7-11 swings against 274.36 low in the first degree and against 236.16 low in the second-degree cycle.
NFLX (Netflix) 1 Hour Elliott Wave Chart
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